Relume Technologies might become one of the great growth stories in the state of Michigan’s tech sector next year. The Oxford, MI-based maker of light-emitting diode (LED) lighting products and networked lighting control systems is aiming for significant increases in revenue and employment over the next year, president and chief technology officer Peter Hochstein says.
The company raised its first institutional capital last year from Beringea, the Farmington Hills, MI-based venture firm, Hochstein says. Ever since, the company has been investing in modernizing its manufacturing operations in Oxford and improving its sales and distribution. The investment appears to be paying off.
Relume, which is expecting sales of around $8 million this year, has gained orders for next year that could help the firm double its revenue in 2011, Hochstein says. Also, the firm might double its work force of about 50 people over the next year because of the expected increase in business. In the first quarter of 2011, he says, the company expects to raise more money from Beringea as one of multiple investments that are expected to total about $7 million.
The LED market consists of major players like General Electric, Osram Sylvania, and Philips Lighting, but when it comes to the design and assembly of LED lighting products, “no one does anything close to what we do,” Hochstein says.
Relume has differentiated methods for fabricating its lighting assemblies to make them last longer and perform better than others, Hochstein says. While the firm doesn’t produce LED semiconductors, it makes
