AI based energy management platform Lumian has raised its first investment with a valuation of $3.2M.
Lumian which reduces companies' costs by increasing their energy efficiency with its AI based platform has raised a pre-seed investment from DOMiNO Ventures and strategic investor İsmail Ferhat Özlü.
Lumian has established in April 2023 by Batu Balkır and Emre Birol and quickly flipped up its headquarters to the United States. The start-up, utilizing an IoT-based SaaS platform along with sophisticated AI technology, offers deep insights into energy provisioning, bill analysis, and energy efficiency. Offering its services to leading Turkish companies such as Pakmaya, Tebplast-Rosti, Polmar, Balorman, Gençler Kablo, and Başoğlu Kablo, Lumian has been pivotal in offering its clients rapid returns on their investments, achieving more than fourfold benefits.
Lumian analyzes companies' energy consumption patterns and offers optimal tariff options for businesses. Integrated with a range of industrial devices and Automated Meter Reading Systems (AMRS), the startup empowers facilities with efficient energy consumption analysis and optimization through its SaaS and IoT-powered software.
The software developed by Lumian 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.
Operating in Turkey and Germany, Lumian aims to increase its sales volume both in Turkey and global markets with the new investment from DOMiNO Ventures and energy sector expert İsmail Ferhat Özlü.
Batu Balkır, one of the co-founders, 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 organizations and are poised to make a significant contribution to sustainability."
For further details on Lumian, visit their website: https://www.lumian.energy/