Lumenpulse Inc., a Canadian company with US headquarters in Boston, said 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.
Lumenpulse is a developer and a manufacturer of high performance, architectural LED-based lighting. Examples of its work can be found at BC Place Stadium in Vancouver and at the atrium of Yale-New Haven Hospital.
The company said this equity investment came from a 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.
In a statement, Francois-Xavier Souvay, founder, president, and chief executive of Lumenpulse, said: “The LED fixtures market is projected to triple over the next three years, reaching $9 billion 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.’’