This completes the first round of venture capital financing for Albeo Technologies, a company that designs, manufactures, and markets white LED-based systems for commercial and industrial institutions. The new capital is targeted at market and product expansion.
Dave Ryan, managing director for Green Spark, said that there is a pent-up demand for low-maintenance, high-efficiency lighting systems that reduce corporate operational costs. "Albeo's superior products meet that need and the company is seeing broad customer confirmation that they have hit the mark," he said.
Ryan added "We are delighted to invest in a company that is reducing operational costs and the carbon footprint of global industry. Albeo's solid state lighting fixtures offer cost-effective real-world solutions to the environmental problems we face today."
Jeff Bisberg, Albeo Technologies' president and CEO, said that the company has achieved a lot in less than three years, including successfully launching four major product lines, ramping production to ship over 20,000 units to date, and developing multiple patents.
"We see wide spread acceptance for our LED lighting solutions and with Green Spark's investment we now have the capital to accelerate our growth," said Bisberg.