Funding, including from Auckland's Ice Angels investment group and the Government-backed New Zealand Venture Investment Fund, was secured in 2011.
The Lightknight system, which is manufactured in China, was launched late last year and its local customers already include construction firms Fulton Hogan and Fletcher Building, as well as the Auckland Motorway Alliance, which is responsible for the upkeep of the city's motorways.
Across the Tasman the Victoria Mounted Police are testing the technology, with the illuminated strips going on the horses' backsides as well as riders.
Australian construction firm John Holland, and Leighton Contractors - which provides services to a range of industries including mining, infrastructure and telecommunications - have also ordered units.
But Lightknight has ambitions to expand well beyond Australasia.
"We want to be the No 1 company in the world providing illuminated safety systems," Vulinovich said.
He said Ports of America, which operates 42 ports in the United States, and global miner Rio Tinto had ordered trial units.
Lightknight had appointed a US distributor and had made contact with another potential distributor in Canada, Vulinovich said.
The Lightknight system costs $195 a unit, plus $10 for each retrofitting.
The company has no plans to manufacture vests, but Vulinovich said he hoped vest manufacturers would one day make products that were "Lightknight-ready".
He said the Ice Angels investment had allowed the firm to establish a solid board of directors.
Lightknight's chairman is Ron Halls, a New Zealander who was the chief executive of international footwear retailer Foot Locker from 2006 to 2011.
Also on the board is Nigel McLisky, Sigrid's father, who co-founded Innovair, the developer of the RoboCan pest control product that was sold to household goods giant SC Johnson in 2008.
Vulinovich said there was potential to supply to consumers, including cyclists. He added that Lightknight was likely to break even by the end of this year.