Albeo Technologies Completes $8 Million Financing With SVB, Others
Albeo Technologies, a provider in solid-state LED lighting solutions for industrial and commercial markets, announced it has raised a total of $8 million in Series C equity and debt financing. The equity investment was led by Braemar Energy Ventures, and was joined by existing investor Green Spark Ventures. Silicon Valley Bank provided a working capital financing line.
The funding allows Albeo to increase both the breadth of its LED lighting portfolio and depth of its channel presence. The new capital will also create a stronger financial base that allows the company to continue its rapid, sustainable growth.
“We are extremely proud to become part of the Braemar team,” said Jeff Bisberg, CEO of Albeo. “With Braemar’s existing portfolio and network in the LED and lighting sector, their strategic partnership will be invaluable in helping Albeo better support the lighting needs of our customers. We look forward to continuing our current trajectory of growth and are excited about potential future opportunities.”
According to an August 2011 survey report by McKinsey & Company, LED lighting revenues are predicted to be close to 60% of overall global lighting market revenue, equating to around EUR 110 billion by 2020. Albeo is well positioned for rapid growth as demand for LED lighting in industrial and commercial lighting markets accelerates. Albeo’s products meet the needs of the lighting marketplace by providing customers LED solutions that are fully customizable before and after installation, while also reducing energy and maintenance costs. Its suite of products offers energy savings up to 95% and a ROI of one-to-three years. Albeo products range from high bay and low bay solutions, linear, surface mount and under cabinet fixtures, among others.
“We are excited about Albeo’s innovative approach to LED lighting, and are pleased to have the company as part of the Braemar family,” said Dennis Costello, managing partner at Braemar Energy Ventures. “Given the projected increase in the pace of change within the lighting market, we see a great opportunity with Albeo as they showcase the expertise and dexterity needed to respond quickly to customer needs, giving them a natural advantage within the industry. We are excited about future opportunities and the expansion of Albeo’s market presence and product offerings.”
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector.
Green Spark Ventures is a venture capital firm that invests in the Cleantech sector.
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses.