Gooee receives US$8 million Funding Deal with Silicon Valley Bank
Gooee, the enterprise Internet of Things (IoT) platform designed for the LED lighting sector, has secured a US$8 million funding deal with the high-tech focused Silicon Valley Bank (SVB).
The financing will be used to support the continued development of the Gooee platform, which is estimated to launch at the beginning of 2017.
As a business, Gooee provides a full suite of hardware and software components that lighting companies can integrate into their own products and connect them to the Gooee Cloud. To date over 30 lighting businesses, including Feilo Sylvania, Aurora Lighting and Gerard Lighting, have signed partnership deals with Gooee.
Connecting to the Gooee Cloud enables lighting companies to offer their customers competitive, cloud-based services – such as Lighting Control, Energy Management, LED Analytics and Beacon Management – across a multitude of vertical markets and through a scalable, service-oriented business model.
Simon Coombes, Chief Technology Officer at Gooee, said: “SVB shares the vision that bringing LED lighting into the IoT space will open the next wave of opportunities across the value chain. This funding deal with SVB allows us to finalize preparations for Gooee’s ecosystem through to its launch.”
Rosh Wijayarathna, Director at SVB’s UK Corporate Banking team added: “We are delighted to support Gooee in its exciting expansion story. Energy conservation is a very real issue that Gooee is tackling through its smart lighting platform. Gooee connects lighting manufacturers with the Internet of Things and has the potential to disrupt the industry and make smart cities greener and more efficient. We look forward to continuing to partner with Gooee’s management and supporting the ongoing growth of the business.”
The funding deal builds on an exciting year for Gooee, which in addition to the rapid increase in the number of signed partnerships, won an innovation award at Light + Building 2016 and appointed key advisory board member, Shmuel Silverman.
Gooee is the world’s first ‘Full-Stack’ operating platform to connect lighting manufacturers to the IoT. Focused on design, engineering and supply of hardware, software and data management components across the LED lighting value chain, Gooee provides sensing, control and communication components that integrate with an enterprise scale cloud platform. This offers a service-driven, scalable framework for lighting OEMs.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative businesses and their investors move bold ideas forward, fast. SVB provides a range of targeted financial services and expertise through its office in the UK. With commercial and international banking services, SVB helps address the unique needs of innovators. The UK’s leading technology and life science businesses, in all stages of development, look to SVB’s niche expertise, experience and unparalleled network, as they grow at home and tackle new markets abroad. SVB is proud to support the UK Tech Awards and the Megabuyte Quoted Companies Scorecard.
Open Business Council offers resources, Trade Finance, business advice, SME Finance and a forum and directory for businesses! Improve your business and use the best digital, financial and funding tools to grow ROI – return on investment and ROA – return on attention!