Relume Technologies has closed a venture capital round worth $7 million, with
Beringea leading the round. The Farmington Hills-based venture capital firm, the largest in Michigan, will invest $3.2 million of the $7 million into the LED light maker. Silicon Valley-based Western Technology Investment also joined the Series D financing round with a few other existing investors.
"We're trying to build on the strong momentum we have built from our last investment," says Jeff Bocan, managing director of
Beringea.
Relume Technologies specializes in manufacturing
LED lights and smart grid technology. The lights are the Holy Grail of energy efficient lighting. They are being widely adopted across the country, including in several municipalities in Metro Detroit. Among those more publicized locales are the downtowns of Ann Arbor and Detroit.
The Oxford-based firm's innovative technology is used in municipal lighting, commercial signage, outdoor advertising, transportation, and U.S. military applications. Its smart grid technology is also used in similar places, ensuring lights are on or using excess energy when no one is using them.
"We're really excited about the opportunities in front of us," Bocan says. "We have a really strong team and the technology is being adopted by the market."
Source: Jeff Bocan, managing director of Beringea
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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