Greenwave Systems, an Internet of Things (IoT) software and managed services leader, has raised $45 million in its Series C financing round in two phases.
Greenwave's stated mission is to drive mass adoption of IoT by enabling leading brands to use technology in ways that foster deeper customer relationships.
The company provides the AXON Platform which is currently being used in next-generation IoT systems, 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 solutions.
The first phase of the Series C funding round 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. Nominees of EDBI and STT have joined Greenwave Systems’ Board of Directors. As part of the financing, Greenwave has secured a mezzanine facility of $15 million from BDCA (Business Development Corporation of America).
“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 realize 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 Greenwave360 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 monetize their network infrastructure and build profitable managed services.”
Greenwave says it has increased its employee base to over 240 worldwide, 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.
For more information, go to www.greenwavesystems.com.