Igor Closes $2.5M for Power-over-Ethernet (PoE) Lighting
October 13, 2014
DES MOINES, Iowa – October 12, 2014 – Igor, the leader in software solutions for the Power-over-Ethernet (PoE) lighting industry, announced it has completed a $2.5 million Series A round of funding. The financing was led by Next Level Ventures which is a venture capital firm investing in growing Iowa-based companies. The new investment will be used to further Igor’s already impressive technology and sales pipeline. Specifically, the funding will be used to hire key talent, enhance its software as a service (SaaS) product offering, and grow its existing customer and installer base.
Igor’s innovative software platform allows an unprecedented level of intelligent control over Igor-enabled LED lighting systems and devices in interior spaces of all sizes. The entire system is powered and controlled over standard ethernet switches and connections. This means it is not only easier and more economical to install than traditional lighting, but also network-enabled lighting components give immediate access and control over the entire system.
“Igor has built revolutionary technology that provides LED lighting manufacturers a low-cost entry into intelligent control systems and the “Internet of Things”. In addition, low voltage PoE lighting is substantially cheaper to operate then traditional high voltage AC fluorescent or LED lighting, reducing energy consumption and utility bills for building owners,” said Craig Ibsen, Managing Principal at Next Level Ventures.
Dwight Stewart, Founder and CEO of Igor, said, “We have a huge opportunity in front of us and a strong pipeline of customers waiting to install Igor’s technology. This round provides Igor the capital needed to execute on our vision and employ the smartest technical talent available while expanding our sales and installer base. We just opened our new office, and we plan to grow from seven to 20 employees by the end of 2015.” Dwight also commented on the changing dynamics in the lighting industry: “As federal regulations continue to limit fluorescent lighting and building owners become more energy conscious, the market for a low-cost, flexible and smart lighting solution is enormous.”
Igor reduces the cost and optimizes the value of lights and sensors through an open software platform which connects spaces, people, and things. Igor is the leader in enabling partners with turnkey management, control and monitoring PoE technology. Igor is located in the Des Moines, Iowa metro area. Please go to www.igor-tech.com.
About Next Level Ventures
Next Level Ventures is a venture capital firm based in Des Moines which invests $1 to $4 million in fast growing companies that are based in Iowa. For more information see www.nextlevelvc.com.