Cleantech start-up Lumenstream has seen increased demand for its pay-as-you-save LED lighting service due to the rise in energy costs.
Belfast-headquartered cleantech company Lumenstream is planning to expand its team following a seed funding round led by Techstart Ventures.
The round generated £400,000 in investment for Lumenstream, which was founded in 2019.
The Irish start-up helps companies cut down on their energy costs by switching to sensor-activated LED lighting. It then claims a portion of the savings companies generate in the form of a monthly subscription. The company calls this model ‘pay-as-you-save’.
In recent times, Lumenstream has seen demand for its business increase in tandem with living and energy costs rising. Its clients include global companies such as Siemens and CIMC Group.
Earlier this year, it secured a funding partnership with German-headquartered asset management and investment firm Aquila Capital. The deal provided Lumenstream with £5m in financing to expand its services throughout the UK market.
“Businesses are seeking ways to drastically reduce their energy consumption with environmentally driven sustainability targets in mind. With energy prices escalating and a squeeze on infrastructure investment, our clean energy-as-a-service model helps businesses to achieve their targets without deploying capital expenditure,” said Alistair Brown, founder and CEO of Lumenstream.
This new funding will enable the start-up to hire 12 new staff members for its remote product development team. The team’s current members are based in Belfast, London, Birmingham and Manchester.
“Our business has been growing rapidly following the ease of Covid-19 restrictions and we are delighted to receive this round of funding to supercharge our scalability in 2023 and beyond. The funding will help us increase our customer base in the UK and further afield and put Lumenstream firmly on the cleantech map,” Brown added.
Earlier this month, Belfast-based FinTru announced that it would be expanding its regtech business in Portugal. Another Belfast start-up, VR technology company SideQuest, raised $12m in a fresh funding round led by Google Ventures.
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