Singapore investors back Greenwave Systems
January 7, 2016
Californian IoT software company Greenwave Systems has raised $45m from Singapore backers in its Series C financing round in two phases.
The first phase was led by EDBI (the corporate investment arm of the Singapore Economic Development Board) while Singapore Technologies Telemedia (STT), a strategic 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 Westly Group and E.On, also contributed to the new round. Nominees of EDBI and STT have joined Greenwave Systems’ board of directors. As part of the financing, Greenwave has secured a mezzanine facility of $15m from BDCA (Business Development Corporation of America).
With this funding, Greenwave plans to accelerate its global expansion on the back of its momentum and profitable growth, as well as provide growth capital for strategic investment. Greenwave’s relationship with lead customers continues to grow deeper and stronger as the company further develops its Axon platform, which is being used in next-generation IoT, router, video and wireless products. With this latest round of funding, Greenwave plans to increase and diversify the pipeline of strategic accounts and expand into mobile infrastructure for M2M.
“IoT and M2M are spaces that are really starting to hit their stride,” said Martin Manniche, founder and CEO at Greenwave Systems. “Service providers are beginning to realise the vast potential of IoT and M2M, and they want to seize the opportunity to deliver managed services for networking, media, control and monitoring. Our Greenwave 360 business model helps customers speed up their time to market, drive down operating expenses, and enhance both service levels and customer satisfaction. Our Axon platform is helping them monetise their network infrastructure and build profitable managed services.”
This funding comes on the heels of a period of growth for Greenwave. The company increased its employee base to over 240 worldwide, opened a research and development centre in Singapore and an office in San Jose, added major customers, and strengthened its business relationship with Verizon, which is shipping the FiOS Quantum gateway that Greenwave helped develop.
"Greenwave has emerged as a leading IoT company, with strong growth and real customer traction," said Nikhil Eapen, chief strategy and investment officer of STT. "It's full life cycle software and services model has successfully bound together service providers with consumers and is embedded in millions of households. STT is delighted to support Greenwave’s growth and look forward to working together to propel its platform in Asia."
Swee-Yeok Chu, CEO and president of EDBI, added: “Greenwave’s innovative IoT platform empowers users to seamlessly connect and control different intelligent applications, hence increasing the efficiency of enterprises in support of Singapore’s Smart Nation vision. As the lead investor, EDBI looks forward to supporting Greenwave’s growth plans in Asia as the company taps into Singapore’s talent pool and vibrant digital ecosystem of local research institutes and commercial partners to co-create new solutions for industrial, healthcare, service and other sectors.”