Venture Capital News: Lumenpulse Shines With $16M In Equity and Debt
Equity investment came from a select group of private investors and includes participation from the company's management and board of directors.
MONTREAL, CANADA, Lumenpulse Inc. a leading innovator and manufacturer of high performance, architectural LED-based lighting solutions for commercial, institutional, and urban environments, today announced that it has completed a $16 million Series A equity and debt round to be used to support the growth of Lumenpulse and to extend market and product development. This equity investment came from a select group of private investors and includes participation from the Company's management and board of directors. In addition, this financing includes a new term loan and working capital line of credit from Silicon Valley Bank (SVB).
Founded in 2006, Lumenpulse is establishing a leadership position within the LED fixtures market based on significant demand for its award-winning product families. In 2011, its specification-grade, sustainable products have won a number of prestigious awards including an Innovation Award at Lightfair and two PIA Gold Medals awarded by Architectural SSL Magazine. As a result, orders for the Company's products continue to increase throughout North America; recent key landmark projects such as BC Place Stadium in Vancouver, the Yale-New Haven Hospital atrium, the "Lantern of Hope" at Banner MD Anderson Cancer Center in Gilbert, AZ, and BMW US Headquarters in New York all chose Lumenpulse to achieve their lighting goals.
"The LED fixtures market is projected to triple over the next three years, reaching $9B by 2014 according to Strategies Unlimited. Based on the growing worldwide opportunity for our products, we are now focused on bringing the vision of the company to life for our clients, with cutting-edge architectural LED fixtures that meet the needs of architects and lighting designers from a design, performance and a sustainability perspective. This financing allows us to invest in international market expansion ahead of plan, to further enhance our product development capabilities and to ensure our manufacturing strategies and capacity are solidly in place to meet the accelerating demand for our products," said François-Xavier Souvay, Founder, President and CEO of Lumenpulse.
"We've been impressed by Lumenpulse's vision and growth as well as its ability to manage its trajectory, which in part seems due to its ability to recruit an experienced management team," said David Rodriguez, Senior Relationship Manager with Silicon Valley Bank in Boston. "We look forward to continuing to support their success."
About Lumenpulse Inc.
Founded in 2006, Lumenpulse develops and manufactures high performance, sustainable architectural LED-based fixtures and solutions for commercial, institutional, and urban environments. Attention to detail in mechanical, optical and fixture design has positioned Lumenpulse as a leader in the global LED lighting marketplace for indoor and outdoor uses. In addition to comprehensive product family offerings, Lumenpulse also specializes in the design, manufacturing and commissioning of large scale, customized, LED lighting solutions worldwide.
About SVB Financial Group
For 25 years, SVB Financial Group and its subsidiaries, including Silicon Valley Bank, have been dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves companies in the technology, life science, venture capital/private equity and premium wine industries. Offering diversified financial services through Silicon Valley Bank, SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services, SVB Financial Group provides clients with commercial, investment, international and private banking services. The Company also offers funds management, broker-dealer services, asset management and a wide range of financial services for companies of all sizes and stages, as well as the added value of its knowledge and networks worldwide. Headquartered in Santa Clara, California, SVB Financial Group operates through 27 offices in the U.S. and five internationally in China, India, Israel and the United Kingdom.
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