This latest round of funding will help Brilliant develop new products and increase sales. Here are the top-line bullets you need to know.
Brilliant, a smart home lighting provider, has raised $40M in a Series B. The round drew participation from next47, Celesta Capital, Resideo Technologies, Peak State Ventures, and Miramar Venture Partners, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Brilliant develops, manufactures, and sells smart home solutions at affordable prices to the mass market.
- The company provides touchscreen control panels, smart plugs, dimmer switches, and other products — and it maintains operations across the US and Canada.
- Brilliant has reportedly witnessed revenue growth of 400% since February 2020.
Source: Brilliant
WHY DOES THE MARKET MATTER?
- The global consumer electronics market is expected to grow at a CAGR of 8% and reach a value of $1.5T by 2027, according to Global Market Insights.
- The total number of consumer electronics users is expected to reach 2.73B by 2025, and user penetration is expected to grow from 25.3% to 34.9% by 2025.
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