Wireless Environment LLC receives a $.400 million investment

Deal Participants:
Company: Wireless Environment LLC View Profile Charts Homepage
Investors: JumpStart Inc View Profile Charts Homepage
Deal Financials:
Investment Amount: $ .400 million
Announced: Dec 30, 2008

PRESS RELEASE - Wireless Environment LLC receives a $.400 million investment

CLEVELAND, Dec. 29 /PRNewswire/ -- JumpStart Inc., the Northeast Ohio venture development organization that accelerates the growth of innovative early-stage businesses and ideas, recently announced an investment commitment of $400,000 in Wireless Environment, LLC, an Elyria, OH company developing and patenting technologies for use in a wide range of lighting products that use light emitting diodes (LEDs).

(Logo: http://www.newscom.com/cgi-bin/prnh/20060209/CLJUMPSTARTLOGO )

LEDs are more environmentally friendly than incandescent, fluorescent and halogen technologies, and offer longer lifetimes while using less power. As progress continues to be made on the LED technology itself, Wireless Environment is looking to bring added value to the end user by developing and patenting technologies that manage the usage of LEDs. Working with both wired (on-grid) and battery powered (off-grid) applications, the company is building their intellectual property around alternative power sources, which can be relied on in power outages, and wireless user controls for a wide range of operations, including dimming, on/off timing, and motion sensing. Wireless Environment has already filed two patents, with plans to file an additional 10 to 15 over the next two years.

JumpStart Entrepreneur-in-Residence Jerry Frantz, who will be working with the company, is excited about their growth potential. "LEDs are rapidly emerging as the lighting technology of the future and Wireless is developing power and control features that bring added value to the consumer," Frantz said. "Wireless is anticipating LED market trends and developing lighting products with built-in intelligence that will significantly improve ease of use, reliability and energy efficiency."

The company, led by David Levine, president, and Michael Recker, chief technology officer, is currently marketing and selling its two initial products: a battery-powered motion sensing LED spot light and an LED stair light that emits a faint light that brightens with motion.

"Our initial products have proven that great consumer demand exists for battery powered LED fixtures," Levine said. "This investment, along with JumpStart assistance, will help us develop technologies and products that will save energy and add convenience to an even broader range of consumer and commercial LED applications. We are committed to pursuing a high-growth plan that will improve the energy efficiency of lighting and transform Wireless Environment into a significant Northeast Ohio company."

In addition to the JumpStart investment, which will be used to further develop patents and prototypes, Wireless Environment has also received a grant from the Innovation Fund of the Lorain County Community College Foundation and a product development loan from Cuyahoga County.

This is JumpStart's 46th investment in its 35th company. Other business and consumer products and services companies in JumpStart's portfolio include DIY Real Estate Solutions, Embrace Pet Insurance, HF Food Technologies, STACK Media and VeriShot.

About Wireless Environment, LLC

Wireless Environment, LLC (www.mrbeams.com) designs light-emitting diode (LED) lighting products that improve the convenience and energy efficiency of current lighting solutions. Using existing light sockets or using batteries for power, Wireless Environment has created proprietary products that provide light and also increase control and safety features. These products use LEDs as their light source and have integrated electronics that give users control over features such as brightness and timing. Wireless Environment's socket-powered lighting products provide such features as battery back-up and programmability, while increasing energy efficiency by more than 90 percent. Wireless Environment's Mr. Beams(TM) line of portable lights allows homeowners to install bright light anywhere in minutes. The Mr. Beams product line is currently sold through catalogs and internet retailers.

About JumpStart Inc.

JumpStart (www.jumpstartinc.org) accelerates the growth of innovative early-stage businesses and ideas into venture-ready companies by delivering vital, focused resources to entrepreneurs and the community of Northeast Ohio. JumpStart identifies and invests in early-stage companies that have strong potential in the marketplace, solid prospects for high growth, and are likely to qualify for later-stage funding. Beyond investing, the JumpStart team provides a continuum of business development services to its client companies to help ensure their success.

Edit History:
Dec 30 '08
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