Israel-based light-emitting diode (LED) technology developer Juganu collected $23m yesterday in a funding round that included equity crowdfunding platform OurCrowd.
Growth equity firm Viola Growth led the round, which was filled out by an undisclosed Mexico-based investment fund.
Founded in 2011, Juganu is developing and manufacturing LED lighting systems that are capable of changing light composition.
The lighting relies on artificial intelligence and, through a strategic collaboration agreement with mobile chipmaker Qualcomm, the internet of things (IoT) for applications such as traffic control in smart cities.
Eran Ben-Shmuel, co-founder and chief executive at Juganu, said: “The funds will allow us to move forward more quickly towards realising the company’s vision, and is a major vote of confidence by leading agents in the high-tech market.
“We will bring our technologies to some of the world’s major cities, international retail chains, public institutions and more.”