Mitsui Global Investment, the corporate venturing unit of Japan-based financial services group Mitsui, has invested $3.5m in Redwood Systems, a US-based provider of lighting controls and building intelligence.
Mitsui said as it had 155 offices worldwide and extensive business units, investments and partnerships across global energy efficiency and green building channels, it was a strategic investor in Redwood joining venture capital firms Index Ventures, Battery Ventures and US Venture Partners that provided $15m in the series B round in October. Battery and US Venture provided Redwood’s $4m A round in October 2008.
Shin Kodera, investment partner at Mitsui Global Investment, said: "In a very short time, Redwood Systems has proven the need for intelligent lighting controls that not only promote energy efficiency, but also enable a range of building intelligence applications."
Redwood’s customers include SAP, Volkswagen and Johnson Controls, while Mitsui’s investment portfolio includes Asia-based intelligent building companies Beijing Tellhow Intelligent Technology and CNA Group and it is developing a joint venture with global engineering and design firm Arup for low-carbon projects worldwide.