Silicon Valley Bank provided $8 million in financing to LED lighting industry operating platform Gooee.

The financing was provided by Silicon Valley Bank’s corporate banking division and will be used to support Gooee’s continued development as the company expects to launch at the beginning of 2017.

“We are excited to be working with the SVB team,” said Simon Coombes, chief technology officer at Gooee. “Not only are they passionate about what we’re developing, but they share the vision that bringing LED lighting into the IoT space will open the next wave of opportunities across the value chain. This funding deal with SVB allows us to finalize preparations for Gooee’s ecosystem through to its launch.”

St. Petersburg, FL-based Gooee provides hardware and software components that lighting companies can both integrate into their own products and connect to the Gooee Cloud.

“We are delighted to support Gooee in its exciting expansion story,” said Rosh Wijayarathna, director at SVB’s UK corporate banking team. “At Silicon Valley Bank, we love businesses that solve real problems. Energy conservation is a very real issue that Gooee is tackling through its smart lighting platform. Gooee connects lighting manufacturers with the Internet of Things and has the potential to disrupt the industry and make smart cities greener and more efficient. We look forward to continuing to partner with Gooee’s management and supporting the ongoing growth of the business.”