This week brings the recent news that energy platform Lumian has raised funds at a valuation of $3.2 million in its first funding round.
Lumian was established in April 2023 by Turkish entrepreneurs Batu Balkır and Emre Birol and quickly flipped up its headquarters to the United States.
The company has developed an IoT-based SaaS platform incorporating AI to provide deep insights into energy provisioning, bill analysis, and energy efficiency.
Lumian analyses companies' energy consumption patterns and offers optimal business tariff options. Integrated with various industrial devices and Automated Meter Reading Systems (AMRS), the startup empowers facilities with efficient energy consumption analysis and optimisation through its SaaS and IoT-powered software.
Its software is up and running in less than five minutes with no additional hardware cost required.
It offers comprehensive energy management services such as real-time energy usage monitoring, billing analysis, verification, tariff recommendations, regulation notifications and detailed reporting.
In addition, IoT-enabled software enables custom device tracking in scenarios involving hardware costs.
Its customers include Turkish companies such as Pakmaya, Tebplast-Rosti, Polmar, Balorman, Gençler Kablo, and Başoğlu Kablo.
Operating in Turkey and Germany, Lumian aims to increase its sales volume in global markets with the new investment from DOMiNO Ventures and energy sector expert İsmail Ferhat Özlü.
Co-founder Batu Balkır said:
"The strategic pre-seed investment will play a crucial role in executing Lumian's growth strategies.
Our energy efficiency solutions are versatile, suitable for a wide range of applications from industrial facilities to commercial organisations and poised to significantly contribute to sustainability."