Lumian Secures $3.2 Million in First Funding Round to Fuel Global Expansion of IoT-Driven Energy Platform

Lumian has successfully secured $3.2 million in its first funding round. Established in April 2023 by Turkish entrepreneurs Batu Balkır and Emre Birol, Lumian is an IoT-based platform that collects data in real time, visualizes it on graphs, and analyzes energy data with machine learning models.

"The strategic pre-seed investment will play a crucial role in executing Lumian's growth strategies,” said co-founder Batu Balkır.

The company is headquartered in Pennsylvania.

Lumian has developed a Software as a Service platform based on the Internet of Things and artificial intelligence. This platform offers in-depth insights into energy provisioning, bill analysis, and energy efficiency. By analyzing energy consumption patterns, Lumian provides companies with optimal business tariff options. The startup integrates with various industrial devices and Automated Meter Reading Systems (AMRS), enabling facilities to analyze and optimize energy consumption efficiently through its SaaS and IoT-powered software.

Remarkably, Lumian's software can be operational in less than five minutes without incurring additional hardware costs. The company provides a range of energy management services, including real-time energy usage monitoring, billing analysis, verification, tariff recommendations, regulation notifications, and detailed reporting.

Furthermore, the IoT-enabled software facilitates custom device tracking, even in scenarios involving hardware costs. Lumian serves a range of clients including prominent Turkish companies such as Pakmaya, Tebplast-Rosti, Polmar, Balorman, Gençler Kablo, and Başoğlu Kablo.

Lumian, also operating in Germany, has set its sights on expanding its sales volume in global markets following a new investment from DOMiNO Ventures and energy sector expert İsmail Ferhat Özlü.

“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.”

“We provide companies with insights regarding their energy consumptions, invoices, and sustainability goals to transform how people work and what they can create. As a pioneer in Smart Energy Management solutions, we use purpose-built AI, trained by industry experts to help customers calculate precise energy consumptions, improve efficiency and reduce CO2 emissions. Lumian’s customers achieve 2-8x ROI, often in a matter of months.”