ST. PETERSBURG, Fla., Sept. 26, 2016 /PRNewswire/ -- Gooee, the enterprise Internet of Things (IoT) platform designed for the LED lighting sector, announced today a $8 million (USD) funding deal with the high-tech focused Silicon Valley Bank (SVB). The financing from SVB's corporate banking division will be used to support the continued development of Gooee, which is estimated to launch at the beginning of 2017.
"We are excited to be working with the SVB team," said Simon Coombes, Chief Technology Officer at Gooee. "Not only are they passionate about what we're developing, but they share 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."
Gooee provides a full suite of hardware and software components that lighting companies can both integrate into their own products and connect them to the Gooee Cloud. Connecting to the Gooee Cloud gives lighting companies the ability 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.
"We are delighted to support Gooee in its exciting expansion story," said Rosh Wijayarathna, Director at SVB's UK Corporate Banking team. "At Silicon Valley Bank, we love businesses that solve real problems. 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 has now signed up over 30 lighting companies to its partner program, including Feilo Sylvania, Aurora and Gerard Lighting. In addition to the rapid increase in the number of signed partnerships, Gooee recently won an innovation award at Light + Building 2016 and appointed key advisory board member, Shmuel Silverman.
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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.
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