Smart Energy Instruments (SEI), a Toronto, Canada-based company that develops synchronous measurement technologies for the smart grid, received a $5m equity investment.
The round was led by 3M New Ventures – the corporate venture arm of 3M, with participation from existing stakeholders Venturelink Funds, ArcTern Ventures and the Ontario Capital Growth Corp.
The investment will further accelerate SEI’s efforts in developing its chipsets.
Led by CEO Jeff Dionne, Smart Energy Instruments develops electronic chipsets with high-precision, real-time monitoring capabilities for smart grids. Its technology platform is based on a core set of chips with measurement precision and low-power consumption that can be integrated into intelligent electronic devices. It gives equipment manufacturers and utilities a huge competitive edge in functions such as grid load monitoring, fault detection and isolation.
The company has offices in Tokyo, Japan and Silicon Valley.
FinSMEs
25/08/2014