Lumian, a Turkish AI-based SaaS startup, has raised a pre-seed investment of $3.2 million in its first funding round. The investment came from DOMiNO Ventures and İsmail Ferhat Özlü and its valuation is the same as its funding amount.
While Lumian operates in Turkey and Germany, the company will use the funds to increase its sales volume in both markets. It will also use the funds to further expand its footprint in the rapidly evolving landscape of AI-driven energy management solutions.
Deploys AI for energy optimisation
Founded in April 2023 by Batu Balkır and Emre Birol, Lumian quickly relocated its headquarters to the US. The company specialises in enhancing companies’ energy efficiency and reducing costs through AI analyses.
Lumian’s offerings include an IoT-based SaaS platform and custom AI technology, providing in-depth insights into energy supply, invoice analysis, and energy efficiency for businesses.
Lumian’s software, requiring no hardware investment costs, can be deployed in less than five minutes. It offers end-to-end energy management services, including real-time monitoring, invoice analysis, tariff recommendations, incentive/regulation notifications, and reporting. The software, equipped with IoT capabilities, allows device-specific tracking on a job order basis in case of hardware investments.
The company’s software caters to businesses seeking a comprehensive and efficient energy management solution without the need for substantial hardware investments. It serves companies such as Pakmaya, Tebplast-Rosti, Polmar, Balorman, Gençler Kablo, Başoğlu Kablo. As per Lumian, it can deliver over fourfold returns on investment to its users in a short span.
Lumian co-founder Batu Balkır 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 organisations and poised to significantly contribute to sustainability.”
