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September 18, 2019

CIMCON Lighting to Consider Financing and Exit Options in About a Year's Time - CEO

Mergermarket.com -- CIMCON Lighting, a Burlington, Massachusetts-based provider of smart city technologies, will look at its next financing options in about a year’s time, Chief Executive Officer Anil Agrawal said.

The company announced earlier this week the first closing of a Series C round of USD 33m and is currently in talks with a couple of other investors for a possible second closing, the CEO said. If the second closing happens it will be within 90 days and the amount will be up to USD 5m, he said, noting that the Series C round is managed in-house.

“We are now well financed for the next two to two-and-half years,” Agrawal said but explained that in about twelve months the company will start considering its next steps.

CIMCON Lighting has been approached by venture capital firms ready to commit large amounts and Agrawal said that one of the future options is a large Series D round. An IPO will also be considered, he added.

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