Greenwave Systems, an Internet of Things (IoT) software and services company, is getting $60 million to expand its global footprint, primarily in Asia-Pacific.
The Irvine, Calif.-based company just secured two rounds of funding: a $45 million Series C round and a mezzanine facility of $15 million.
EDBI, the corporate investment arm of the Singapore Economic Development Board, led the first phase of the Series C round for Greenwave Systems. Singapore Technologies Telemedia (STT), a global investor in the communications, media and technology sectors, invested in the second phase. Combined, those two organizations funded the majority of the Series C round, with STT itself representing the largest investment.
Greenwave also secured mezzanine financing from the Business Development Corporation of America (BDCA). Existing investors, including The Westly Group and E.ON (an international privately-owned energy supplier), also contributed.
Greenwave's total funding to date is around $93 million.
APAC IoT Hungry
"The Asia-Pacific market has a huge demand and opportunity for growth," Martin Manniche, founder and CEO at six-year-old Greenwave Systems, told CMSWire.
The International Data Corporation (IDC) reported last year that the Asia/Pacific Internet of Things industry will see the number of connected units increase from 3.1 billion to 8.6 billion by 2020. Over this same period, the IDC reported, the total Asia/Pacific market size, excluding Japan, will increase from $250 billion to $583 billion.
Greenwave today is drawing particular interest from Singapore, whose government is making investments toward becoming a "Smart Nation."
The country has a "Smart Nation Platform" that wants to connect "everyone, everything and everywhere."
"Pervasive connectivity," according to the country's government website, "along with infrastructure and common technical architecture will allow citizens, businesses and government agencies to leverage technology towards improving lives in a Smart Nation."
Enter a company like Greenwave, whose lead investor in today's round is banking on Greenwave to support Singapore's "smart" efforts.
“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," Swee-Yeok Chu, CEO and president of EDBI, said in a statement.
"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."
Greenwave has gone from 100 to 240 employees in the past two years and plans to expand the number of full-timers this year by somewhere between 60 and 70, Manniche told CMSWire.
Inside the Tech
Greenwave's AXON Platform is used in next-generation IoT systems, router, video and wireless products. Greenwave officials with today's funding said they will increase and diversify accounts and expand into mobile infrastructure for machine-to-machine (M2M) solutions.
So what does the Greenwave technology do? Manniche said about 70 percent of its customer base is consumer, the rest industrial. He cited the example of the Greenwave technology working with smart electrical meters to take meter readings and provide proper responses. It can predict brownouts and send companies alerts and break down electric spending.
"This is information they've never had before for energy optimization and management," Manniche said. The AXON Platform, he added, helps users monetize their network infrastructure and build profitable managed services. Its Greenwave360 business model helps customers speed up their time to market, drive down operating expenses and enhance both service levels and customer satisfaction.
"Our focus is to build a platform that can scale," Manniche told CMSWire.
"How can we scale to a trillion transactions per hour? If you want to build a services platform, machine-to-machine and IoT, you really need to consider scale. You also need to consider privacy. The consumer needs to feel confident that services built and the devices they're on are bringing you value, convenience and peace of mind but are not intrusive to the way to they live."
Greenwave officials promise that its technology can:
- Securely manage massive amounts of time-sensitive data that smart devices process
- Support apps that can be plugged in and managed with smart controls
- Provide advanced tools with a "self-healing" app that triggers enhancements and optimization
"We are removing the interoperability nightmare," Manniche said.