Greenwave Systems announces US$60 million funding in two phases

Source: Greenwave Systems. A schematic
of how the Axon platform works.

Greenwave Systems, the global Internet of Things (IoT) software and managed services provider, has raised US$45 million in its Series C financing round in two phases. As part of the financing, Greenwave has also secured a mezzanine facility of US$15 million from BDCA (Business Development Corporation of America).

With this latest round of funding, Greenwave plans to increase and diversify the pipeline of strategic accounts and expand into mobile infrastructure for machine-to-machine (M2M) solutions. The company also plans to accelerate its global expansion and provide growth capital for strategic investment.

The new funds are the latest of many milestones for Greenwave, which recently increased its employee base to over 240 worldwide, opened a new research and development centre in Singapore and an office in San Jose, California in the US. The company also strengthened its business relationship with Verizon, which is shipping the FiOS Quantum Gateway that Greenwave helped develop.

Greenwave’s flagship AXON Platform translates communications from a wide variety of IoT devices into the same standard IP-based language. AXON is currently being used in IoT systems, router, video and wireless products.

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. Nominees of EDBI and STT have joined Greenwave Systems’ Board of Directors. 

“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 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 monetise their network infrastructure and build profitable managed services.”

"Greenwave has emerged as a leading IoT company, with strong growth and real customer traction," said Nikhil Eapen, Chief Strategy & Investment Officer of STT. "Its full life cycle software and services model has successfully bound together service providers with consumers and is embedded in millions of households."

“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,” said Swee-Yeok Chu, CEO and President of EDBI.