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Igor has raised $5.0M across 2 funding rounds.
Key people at Igor.
Igor has raised $5.0M in total across 2 funding rounds.
Igor, based in West Des Moines, Iowa, develops the Nexos IoT smart building platform utilizing Power-over-Ethernet (PoE) technology for lighting controls and building management. The platform facilitates easy installation by non-electricians, integrates with LED fixtures and IP devices, and is designed to reduce lighting costs by up to 80%. Operating in the clean technology and building operations sectors, Igor achieved triple-figure growth and expanded its solutions to commercial buildings in over 30 countries. The company reported TTM revenue of under $5 million and maintains an employee count between 11 and 50. While specific funding figures are not available, the company's focus on PoE smart building technology was a key differentiator. Igor was founded in February 2013 by Dwight Stewart. Its business model centers on sells PoE-based IoT hardware, software, and cloud analytics for smart buildings.
Key people at Igor.
Igor has raised $5.0M across 2 funding rounds. Most recently, it raised $2.0M Series B in July 2016.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jul 1, 2016 | $2M Series B | — | Next Level Ventures | Announced |
| Oct 1, 2014 | $3M Series A | — | Next Level Ventures | Announced |
Igor, Inc. is a technology company founded in 2013 and headquartered in West Des Moines, Iowa, that builds the Nexos IoT smart building platform. This Power-over-Ethernet (PoE)-based solution integrates hardware, software, and cloud analytics to enable advanced lighting controls and seamless connectivity with other building management systems, supporting virtually any LED fixture or IP device.[1][2][3] It serves commercial building owners, managers, and operators by solving the challenges of complex, expensive, and proprietary systems, reducing lighting costs by up to 80%, enhancing productivity through human-centric lighting, and delivering instant payback via open APIs and real-time data—now deployed in over 30 countries with $500K in trailing twelve-month revenue and rapid triple-digit growth.[1][2][3]
With 11-50 employees and under $5M in revenue, Igor focuses on clean technology and building operations, transforming static buildings into flexible, digital environments that are scalable, easy to deploy by non-electricians, and future-proof for IoT integration.[1][2][3][4]
Igor was founded in February 2013 by Dwight Stewart, a serial entrepreneur and innovator in the software industry with a track record of building disruptive solutions and high-growth strategies.[1][3] Stewart identified a critical pain point: traditional building management systems were overly complex, costly, and locked into proprietary ecosystems, limiting scalability and upgrades.[3] From this insight, he envisioned Nexos as a simple, robust PoE IoT platform to "future-proof" buildings of all sizes.[3]
Key early team members include Steve Leheureux, who brought 16 years of executive leadership, including scaling startups to $10M+ revenue run rates and executing turnarounds.[1] Previous investors like Capital Management Associates and Sean McMurray provided initial backing, helping achieve early traction with installations expanding to over 24-30 international markets.[1][2][3] Advisors such as Christopher Sackett from Brown Winick added legal expertise.[1]
Igor rides the IoT and smart buildings megatrend, capitalizing on the global shift toward energy-efficient, connected infrastructure amid rising sustainability demands and digital transformation in commercial real estate.[1][2][3][4] Timing is ideal as buildings account for ~40% of global energy use, and PoE standards mature alongside LED adoption, enabling retrofits without major rewiring—aligning with net-zero goals and post-pandemic focus on occupant health via dynamic lighting.[1][3]
Market forces like regulatory pushes for green tech (e.g., EU directives, U.S. incentives) and IoT proliferation favor Igor's open, interoperable model over siloed competitors.[2][4] It influences the ecosystem by democratizing advanced controls for mid-market buildings, fostering integrations with HVAC, security, and apps—accelerating the $100B+ smart building market while proving PoE's viability for broader low-voltage IoT.[2][3]
Igor's trajectory points to accelerated global scaling, with Nexos poised to capture share in the exploding PoE lighting and IoT edge amid AI-driven building analytics and 5G/edge computing trends.[2][3] Expect partnerships with OEMs and expansions into adjacent verticals like retail/hospitality, potentially hitting multi-million revenue as deployments surpass 50 countries—fueled by its non-proprietary edge in a fragmented market.[1][3]
Shaping factors include tightening energy regs and AI optimizations for predictive maintenance; Igor's influence could evolve from niche innovator to PoE standard-setter, redefining buildings as adaptive assets. This positions Igor as a smart bet in clean tech's next wave, echoing its founder's vision of simple, disruptive efficiency.[3]
Igor has raised $5.0M in total across 2 funding rounds.
Igor's investors include Next Level Ventures.
