Albeo says that the funding will allow it 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 for the company.
“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,” said Jeff Bisberg, CEO of Albeo. “We look forward to continuing our current trajectory of growth and are excited about potential future opportunities.”
Albeo believes that it is meeting the needs of the lighting marketplace by providing customers with LED products that are fully customizable before and after installation, while also reducing energy and maintenance costs.
“We are excited about Albeo’s innovative approach to LED lighting,” 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.”