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Greenwave Systems Gets a Financial Boost

By Chrissie Cluney February 02, 2016

Greenwave Systems has raised a total of $60 million in its Series C financing round in two phases. The first phase was led by EDBI, which is the corporate investment arm of the Singapore Economic Development Board. Singapore Technologies Telemedia (STT), a strategic global investor in the communications, media and technology sectors, invested in the second phase. The second phase constituted the majority portion of the entire Series C round.

Greenwave Systems sought out monetary assistance from The Westly Group and E.ON, an international privately-owned energy supplier. Greenwave has secured a mezzanine facility of $15 million from BDCA (Business Development Corporation of America).

“Greenwave has emerged as a leading IoT company, with strong growth and real customer traction,” said Nikhil Eapen, Chief Strategy & Investment Officer, 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.”

With Greenwave’s latest round of funding, they plan to increase and diversify the pipeline of strategic accounts and expand into mobile infrastructure for M2M solutions. “IoT and M2M are spaces that are really starting to hit their stride,” said Martin Manniche, founder and CEO, Greenwave Systems. “IoT and M2M are spaces that are really starting to hit their stride.”




Edited by Ken Briodagh
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