LED lightmaker Relume Technologies receives seven-figure VC investment
Jeff Bocan sees a storm a brewin'. It's why his company, Beringea, decided to make a seven-figure investment in Oxford-based Relume Technologies, a maker of LED lights. That storm is a combination of LEDs, maturing technology, and federal money."A perfect storm has come onto the horizon, and it's about to hit," says Bocan, managing director of Beringea.The Oxford-based firm makes LED lights for street lampposts and parking garages. LED lights are expected to be the future of lighting, using as little as 10 percent of the electricity used by incandescent bulbs. Think CFL bulbs on steroids when it comes to energy efficiency and durability. Bocan says LED light technology is becoming affordable to the general public and local governments. That paired with large amounts of federal stimulus cash geared toward creating energy efficiency means the potential for big profit margins."It's a very visible pro-green thing that a politician or a municipality can take on," Bocan says.Relume has also developed a smart-grid technology that can allow users to dim street lights or cause others along a certain road to flash to highlight an exit route in an emergency. It can also tell its users when a light is malfunctioning.Beringea is a venture capital firm based out of Farmington Hills. Source: Jeff Bocan, managing director of BeringeaWriter: Jon Zemke
