Enlighted Inc. Obtains $25 Million in Equity Financing
It was announced that Enlighted Inc., a leading provider of Internet of Things (IoT) solutions for commercial buildings, has secured $25 million in Series D funding to advance its IoT app development and broaden international distribution to Germany, France, and the United Kingdom.
According to Enlighted CEO Joe Costello, “With this war chest of funding – including new active investor Tao Capital Partners – Enlighted is poised to grow exponentially and accelerate the adoption of decision-making data solutions for intelligent real estate. Our emphasis on engineering IoT apps means we can provide our customers more ways to make the data our advanced sensors are collecting actionable, further improving the efficiency of buildings for the enterprise.”
A new partnership with a division of Pacific Western Bank, Square 1 Bank, was also announced by Enlighted. The said company will provide Enlighted with $20 million in additional liquidity to aid in financing its accelerated growth plans.
The IoT system of Enlighted makes use of advanced digital sensors and analytics. Enlighted’s first-to-market apps namely Aire, an HVAC management tool, and Space, a space-planning tool – utilize the data that they get by its sensors to contribute to significantly improving the efficiency of commercial buildings. The system is installed in over 100 million square feet across the country in Fortune 500 companies that include AT&T, HP, and Google.
“Installing the enlighted IoT platform is like giving your building a brain. We can provide software solutions for energy savings, asset tracking, real-time information about building utilization, and security for buildings and people, to name a few. The game really has changed,” Costello added.
Based on its website, the company’s mission is to help its customers reach long-range sustainability goals while saving money and increasing efficiency. With its first-in-class sensor and analytics platform, Enlighted provides smart energy solutions for commercial environments, saving customers up to 70 percent in energy costs while improving the comfort of workspaces and the efficiency of the people who work in them.