Igor has raised $2 million in its Series B fundraising round, bringing its total investment to $6 million, according to a press release.
The investment will be used for development, marketing and sales of its product, a Power-over-Ethernet (PoE) smart lighting system. The platform offers cloud analytics for businesses to more efficiently manage and automate their lighting.
“The lighting industry is undergoing an exciting digital transformation led by the rapid adoption of solid state LED based fixtures,” said Steven L’Heureux, CEO, President and Chairman, in a press release. “Our recent capital raise will enable Igor and our business partners to accelerate this transformation and seize the commercial opportunities it represents.”
L’Heureux co-led the round with CMA Ventures, a subsidiary of Central Iowa Power Cooperative, and Next Level Ventures.
Igor was founded in 2013 by Dwight Stewart in Johnston, Iowa.
“Having been an executive at a startup in Silicon Valley as well as Boston, the Midwest has proven to be a great place to work due to the lower cost of living,” said L’Heureux. “It’s a wonderful place to raise a family, [with a] friendly angel investor community, as well as talented and stable workforce.”
SPN’s last profile of Igor was in 2014, “Investment in Iowa: Igor Inc.”
The company’s initial commercial product will begin shipping in September.