Greenwave, which has an office in Singapore, will use the funds for global expansion and expand into mobile infrastructure for M2M solutions
EDBI, the corporate investment arm of the Singapore Economic Development Board, has led a US$45 million Series C funding round at global Internet of Things (IoT) managed services company Greenwave Systems.
Singapore Technologies Telemedia (STT), a strategic global investor in the communications, media and technology sectors, has also participated in the round.
The round, which happened in two phases, also saw participations from existing investors, including Westly Group and E.ON, an international energy supplier.
Greenwave will use the funds to accelerate its global expansion, provide growth capital for strategic investment, and expand into mobile infrastructure for machine to machine (M2M) solutions.
As per the deal, nominees of EDBI and STT have joined Greenwave’s Board of Directors.
Established in 2008, Greenwave is a global IoT company that enables brands to profitably deploy managed services.
The company counts companies such as Verizon and E.ON amongst its clients. With a staff strength of about 240 people, the firm has offices in the US, Singapore, Korea and Denmark.
“IoT and M2M are spaces that are really starting to hit their stride,” said Martin Manniche, Founder and CEO at Greenwave.
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“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,” he added.
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“Greenwave’s innovative IoT platform empowers users to 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.
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