FOR IMMEDIATE RELEASE
OXFORD, Mich. – Relume Technologies, a leading manufacturer of light-emitting diode (LED) products and smart grid control systems for outdoor lighting applications, has closed its $7.0 million Series D financing round. Farmington Hills-based Beringea, which led the round, invested $3.2 million. San Jose, Calif.-based Western Technology Investment and other existing investors comprised the remainder of the round.
"Relume has seen tremendous growth over the past year, as evidenced by recent sales in multiple municipalities, new product launches and several key additions to our engineering team," said Crawford Lipsey, CEO for Relume. "These funds will allow us to build up our sales and manufacturing infrastructure and further expand our team."
Relume's LED products and lighting control systems are used in street and area lighting, commercial signage, outdoor advertising, transportation and U.S. military applications and improve a city's operating costs, commerce and resident safety. Relume's LED luminaries feature superior thermal management and low LED junction temperatures - key to long LED life - and enables Relume to offer a market-leading seven year product warranty.
"Relume is growing rapidly -- roughly doubling its revenue in 2011 -- and through its innovative technology and world-class management team, Relume is poised to secure a dominant position in the outdoor LED lighting market," said Jeff Bocan, managing director for Beringea. "We are pleased to offer continued support as the company re-lights more cities and spaces with its superior long-lasting and energy efficient LED technology."
"Given the company's marquee customer base and accelerating sales traction, WTI is pleased to support Relume's impressive ongoing growth," said Maurice Werdegar, Partner of Western Technology Investment.
Relume has installed outdoor lighting solutions in more than 1,000 outdoor facilities, producing up to a 50 percent energy savings per product. The company's customers include Starbucks Coffee, US Cellular, McDonalds, Chase, Best Buy, and Lexus, among others. In addition, Relume has re-lit many cities across the country, including Ann Arbor, Mich.; Arlington, Va.; Canton, Ohio, and West Nottingham Township, Pennsylvania.
About Relume Technologies
Relume Technologies is a Michigan-based manufacturer of highly efficient, environmentally friendly, and cost effective LED lighting products and control systems. The company's innovative technology is used in municipal lighting, commercial signage, outdoor advertising, transportation, and U.S. military applications. Relume's products are American-made, ISO 9001:2008 certified and carry an industry leading seven year warranty.
Relume is a founding member of the Michigan Solid State Lighting Association, and supports the organization's mission of ensuring that Michigan is a global leader in solid-state lighting, research and development, and manufacturing. Relume was recently recognized as one of Michigan's 50 Companies to Watch by the Edward Lowe Foundation. For more information, visit www.relume.com.
Beringea offers advice, guidance and capital to support growing businesses. With capital, experience and offices in the U.S. and UK, Beringea's award-winning team offers its portfolio companies the resources to develop strategy, evaluate growth opportunities, solve problems and build value in a range of sectors, including healthcare and life sciences, clean technology, advanced manufacturing, media, internet technologies and specialized consumer products. Beringea is the co-manager of the InvestMichigan! Growth Capital and Mezzanine Funds in the U.S., as well as the ProVen VCT family of funds in the UK, among others. For more information, www.beringea.com.
About Western Technology Investment
Western Technology Investment (WTI) is a Silicon Valley-based venture debt firm that invests globally in a wide range of technology and life science companies ranging from seed-stage start-ups to publicly-held companies. For over more than 30 years, WTI has provided in excess of $3 billion of growth capital to exceptional teams building market leading companies, including Facebook, Google, 3PAR, Ablation Frontiers, Brocade Communications, Cerent, IDEC Pharmaceuticals, InvenSense, IronPort Systems, Juniper Networks, Neutral Tandem, Postini, and Youku.com. Please visit www.westerntech.com for more information.
For more information please visit www.relume.com