Greenwave Systems cashes in on $60M investment
Greenwave Systems, a provider of software and managed services for the Internet of Things,announced $60 million in new funding earlier this month. $45 million of that came in the form of a Series C round led by Singapore Technologies Telemedia and EDBI (the corporate investment arm of the Singapore Economic Development Board), with participation from existing investors including The Westly Group and E.ON. The remaining $15 million was a “mezzanine” investment from BDCA.
The round follows the opening of a new R&D center in Singapore. In a press release, Greenwave says it plans to use the money to continue expanding globally and consider strategic investments of its own.
While focused on network services and connected infrastructure — with partners that include Verizon, DirectTV, and several energy suppliers — Greenwave is also targeting smart-home applications and single users. For instance, the company worked with Verizon on its FiOS Quantum Gateway, a home Wi-Fi router. And it pitches its Axon platform, which includes embedded software as well as cloud services, as a “horizontal” solution that can support home monitoring, connected lighting, energy management, and other consumer use cases.