SAN FRANCISCO--LED lighting firm Sunovia Energy Technologies has secured $5 million in financing to increase production of its Aimed Optics lights to more than 10,000 fixtures per month.
The company’s own officers, directors and founders led the financing themselves, pooling money which was then matched on a one-for-one basis by a private credit facility. Sunovia said that current market demand for its Aimed Optics line currently exceeded production capabilities, requiring “exponential growth in production” over the next 36 months.
Last month, the firm appointed new CEO Mel Interiano after the firm’s previous chief, Arthur Buckland, was fired in January.
Upon his appointment, Interiano had promised to ramp production, noting, "There is substantial global demand for the company's Aimed Optics products right now, and my first task as CEO is to facilitate the financing of these projects."
In January, Sunovia raised $516,800 by selling off over 25 million shares to a limited group of investors and the firm’s third quarter sales were up from $570,359 during the same period in 2010 to $708,214.