Highlights:
- The company aims to assist enterprises and other sizable organizations in optimizing their energy expenses.
- The company has crafted an IoT-based SaaS platform utilizing AI algorithms to provide insights into energy provisioning, consumption, efficiency, and billing analysis.
Lumian Energy Inc., a startup specializing in smart energy management, announced that it has successfully concluded a funding round, securing USD 3.2 million. The round was spearheaded by DOMiNO Ventures and featured prominent participation from İsmail Ferhat Özlü, an expert in the energy sector, as an angel investor.
Founded by Turkish entrepreneurs Batu Balkir and Emre Biroi in April 2023, the company has subsequently relocated to establish headquarters in the United States.
Aiming to assist enterprises and other large organizations in optimizing their energy expenses, the company has developed a software-as-a-service platform based on the Internet of Things. This platform utilizes artificial intelligence algorithms to offer insights into energy provisioning and consumption, as well as conducting analyses on energy efficiency and billing.
The startup’s platform finds the best business tariff options for customers by first analyzing their energy consumption patterns. This helps them save money. Automated meter reading systems and various industrial devices are integrated with Lumian’s software to analyze an organization’s energy usage comprehensively.
Despite its apparent complexity, Lumian asserts that its software can be installed and operational in a mere five minutes without incurring any hardware expenses.
The services offered encompass real-time monitoring of energy usage, analysis of billing, verification, recommendations for tariffs, notifications regarding regulations, and comprehensive reporting. Additionally, the platform facilitates customized tracking of devices, particularly in scenarios involving hardware costs.
Despite having been established for less than a year, Lumian proudly serves a substantial clientele in its home nation of Turkey. Among its notable clients are Pak Gıda Üretim ve Pazarlama A.Ş., Tebplast Plastik San. Tic. A.S., and Balorman Orman Urunleri San Ve Tic. A.S.
Balkir, the Co-founder and Chief Executive of Lumian, stated that the recent pre-seed investment will play a pivotal role in implementing the company’s growth strategy. He said, “Our energy efficiency solutions are versatile, suitable for a wide range of applications from industrial facilities to commercial organizations and poised to significantly contribute to sustainability.”
While most of Lumian’s clientele is currently in Turkey and Germany, the startup is actively pursuing expansion into global markets, including its recent establishment in the United States.
