Greenwave Systems, an Irvine, CA-based global Internet of Things (IoT) software and managed services provider, raised $45m in a two phase Series C financing round.
The first phase was led by EDBI (the corporate investment arm of the Singapore Economic Development Board) while Singapore Technologies Telemedia (STT), a strategic global investor in the communications, media and technology sectors, invested in the second phase, which constituted the majority portion of the entire Series C round. Existing investors, including The Westly Group and E.ON (an international privately-owned energy supplier), also contributed to the new round. In conjunction with the funding, nominees of EDBI and STT joined Greenwave Systems’ Board of Directors.
As part of the financing, the company has secured a mezzanine facility of $15m from BDCA (Business Development Corporation of America).
Greenwave intends to use the funds to accelerate its global expansion, to increase and diversify the pipeline of strategic accounts and expand into mobile infrastructure for M2M solutions.
Led by Martin Manniche, founder and CEO, the company provides global Internet of Things (IoT) software and services. Its AXON Platform is currently being used in next-generation IoT systems, router, video and wireless products.
Greenwave currently has over 240 employees worldwide. It recently opened a new research and development center in Singapore and an office in San Jose, added major new customers and strengthened its business relationship with Verizon, which is shipping the FiOS Quantum™ Gateway that Greenwave helped develop.