CIMCON Lighting Raises $15 Million to Accelerate Rollout of Smart City Technologies
BILLERICA, MA and NEW YORK, NY– CIMCON Lighting, a global provider of intelligent lighting and Smart City technologies, announced a $15 million Series B funding round led by Energy Impact Partners, known as EIP, a collaborative strategic investment firm that counts leading utilities as its limited partners.
Lindsay Luger, Managing Director at EIP, led the investment and joined the company’s board of directors. EIP joins prior investors: Launchpad Venture Group, Clean Energy Ventures, TiE Boston, MassCEC , among others.
“We are delighted to have found the right investor in Energy Impact Partners to execute the plan,” said Santhana Krishnan, President of CIMCON Lighting. “With the investment, CIMCON is well positioned to drive the adoption of smart city applications leveraging our solutions.”
CIMCON’s hardware and cloud-based or on-premises software helps utilities, municipalities and transportation departments reduce energy, repairs and maintenance expenses, while increasing the quality of lighting services through intelligent energy, asset, and fault management. Since its founding in 2012, the company’s “best in class” solutions have been used to monitor and control hundreds of thousands of outdoor street and roadway lights in 16 countries.
The investment will be used to support CIMCON’s channel partners and accelerate development and deployment of the company’s Smart City product portfolio, the company said in a statement.
“The worldwide upgrade to LED lighting, coupled with added pressure on cities to reduce operating costs and provide enhanced services to residents, has helped drive adoption of our technologies,” said Anil Agrawal, Founder and CEO of CIMCON Lighting. “CIMCON delivers immediate value to our customers while providing a clear path to future Smart City applications such as environmental sensors, traffic and pedestrian monitors, video analytics, electric vehicle chargers and smart phone apps. We are pleased to partner with EIP as we respond to customer demand to go beyond intelligent lighting by integrating additional grid edge devices and associated data analytics to help realize their vision for a Smart City.”
Lindsay Luger, Managing Director at EIP added, “CIMCON’s software and hardware solutions provide owners of outdoor lighting with a strong value proposition today, as well as a path to enable Smart City applications of the future. Our utility partners that own and operate city street lights are increasingly interested in improving the cost and performance of these systems, as well as providing the public with additional services. We are excited about the natural fit between the utilities’ strategic direction and CIMCON’s capabilities and vision.”
With a heritage of over 25 years of innovation and experience in industrial automation and outdoor wireless applications, CIMCON Lighting is the world’s leading provider of intelligent wireless outdoor lighting controls and Internet of Things (IoT)-enabled Smart City lighting management solutions. The company’s technologies provide a future-proof platform that enables cities to begin their path to “smart” by managing, monitoring, metering and even monetizing street lights and other assets to improve quality of life for city residents. CIMCON’s solutions are appropriate for street and roadway lighting, parking lots and garages, business and college campuses, and a variety of industrial applications.
Energy Impact Partners Energy Impact Partners is a collaborative strategic investment firm that invests in companies optimizing energy consumption and improving sustainable energy generation. Through close collaboration with its strategic investor base, EIP seeks to bring the best companies, buying power and vision in the industry to bear on the emerging energy landscape. EIP’s partners include Southern Company, National Grid, Xcel Energy, Ameren, Great Plains Energy, Fortis Inc., AGL, Avista, Madison Gas and Electric Co., and TEPCO.