Proving the Business Case for the Internet of Things

Smart lighting player raises $23 million from Nokia, VCs

Iain Morris
November 4, 2014

An intelligent LED lighting company called Digital Lumens has raised $23 million in a round of financing led by Nokia Growth Partner, the investment arm of the Finnish device maker.

Digital Lumens (Boston, MA, USA) has developed an intelligent lighting system that is able to improve energy efficiency for commercial and industrial users.

According to the company, organizations using the technology can reduce their energy bills by up to 90%.

Digital Lumens plans to use the new funding to scale up its operations, expand product development and increase sales and market efforts globally.

Besides Nokia (Helsinki, Finland), Aster Capital (San Francisco, CA, USA) and Goldman Sachs (New York City, NY, USA) also participated in the latest funding round, along with existing investors Flybridge Capital Partners (Boston, MA, USA), Black Coral Capital (Boston, MA, USA) and Stata Ventures (Boston, MA, USA).

The Digital Lumens system is described as a wireless network of intelligent LED lights that are able to gather sensor and power meter data for processing and insight.

“From consumer to industrial markets, the connected world presents new opportunities for efficiency, insight, comfort, safety, and operational intelligence – all delivered via next-generation lighting systems,” said Tom Pincince, the president and chief executive of Digital Lumens. “Our platform gives customers the most direct access to enterprise-scale building and energy intelligence – through the lens of their lighting network.”

“With deep roots in traditional industrial infrastructure and strong commitments to the IoT, our investors see Digital Lumens as the embodiment of the connected enterprise, and are excellent partners for our continued technology and market expansion,” he added.
 
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