Singapore investors lead $45M funding in IoT firm

US-based Greenwave Systems secures US$45 million in its Series C funding round, led by the Economic Development Board's EDBI and Singapore Technologies Telemedia.

US-based Internet of Things (IoT) vendor Greenwave Systems has secured US$45 million in its Series C, raising most of the funds from Singapore investors.

The Economic Development Board's investment arm EDBI and Singapore Technologies Telemedia (STT) led the funding round, the latter of which contributed the majority of the financing. Greenwave said in a statement that its existing investors, including The Westley Group and E.ON, also participated in the latest exercise.

In addition, the IoT vendor obtained another US$15 million in mezzanine financing from the Business Development Corporation of America, bringing its total funds from this round to US$60 million.

Greenwave said the latest funds injection would be used to drive its global expansion and provide growth capital for "strategic investment". Its portfolio also would be expanded to include mobile infrastructure for M2M (machine-to-machine) products.

The vendor's offerings currently include the Axon Platform, which manages IoT systems, routers, video, and wireless devices.

EDBI CEO and President Chu Swee Yeok said Greenwave's market play supported Singapore's smart nation initiatives and its growth plans in Asia would tap the local talent pool and ecosystem to "co-create new solutions for industrial, healthcare, service, and other sectors".

Greenwave in January 2015 opened a research and development facility in Singapore, focusing on IoT technologies, and said it would grow its local team to some 120 employees. The company also has offices in Korea and Denmark.