Smart energy management startup Lumian Energy Inc. said today it has closed on a $3.2 million funding round led by DOMiNO Ventures and angel investor İsmail Ferhat Özlü, an energy sector expert.

The company was founded by Turkish entrepreneurs Batu Balkir and Emre Biroi in April 2023, and has since moved to establish its headquarters in the United States.

With its goal of helping enterprises and other large organizations optimize their energy bills, it has created an internet-of-things-based software-as-a-service platform that uses artificial intelligence algorithms to provide insights into energy provisioning and consumption, energy efficiency and billing analysis.

The startup’s platform works by analyzing customer’s energy consumption patterns, before digging up the most optimal business tariff options to help them save costs. To properly analyze how energy is used across an entire organization, Lumian’s software is integrated with various industrial devices and automated meter reading systems.

Although it sounds complex, Lumian says its software can be installed and gotten up and running within just five minutes, with no hardware costs involved.

Its services include real-time energy use monitoring, billing analysis, verification, tariff recommendations, regulation notifications and detailed reporting. It also enables custom device tracking for scenarios that involve hardware costs.

Despite being founded less than a year ago, Lumian boasts a long list of customers from its home nation Turkey, including Pak Gıda Üretim ve Pazarlama A.Ş., Tebplast Plastik San. Tic. A.S. and Balorman Orman Urunleri San Ve Tic. A.S.

Lumian co-founder and Chief Executive Balkir said today’s pre-seed investment will play a key role in executing the company’s growth strategy. “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,” he said.

Although the bulk of Lumian’s customers are in Turkey and Germany, the startup is now looking to expand into global markets, including its new home in the U.S.

Images: Lumian