Relume Technologies closes $7.0 million financing round
The Michigan-based supplier of LED-based outdoor lighting will use the funds to build its sales and manufacturing infrastructure.
The round was lead by Beringea, a private-equity firm based in Farmington Hills, MI, which invested $3.2 million. San Jose, California-based Western Technology Investment and other existing investors made up the remainder of the round.
Jeff Bocan, managing director of Beringea, said that Relume had roughly doubled its revenue in 2011. “Through its innovative technology and world-class management team, Relume is poised to secure a dominant position in the outdoor LED lighting market,” he said. “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.”
Crawford Lipsey, Relume’s CEO, said that the funds will allow the company to build up its sales and manufacturing infrastructure and further expand its team. “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,” he said.
Relume’s LED products and lighting control systems are used in street and area lighting, commercial signage, outdoor advertising, transportation and US military applications.
"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 says that it has installed outdoor-lighting systems in more than 1,000 outdoor facilities. The company’s customers include Starbucks Coffee, US Cellular, McDonalds, Chase, Best Buy, and Lexus, among others. In addition, Relume has supplied LED lighting to US cities including Ann Arbor, MI; Arlington, VA; Canton, OH; and West Nottingham Township, PA.