US-based internet of things (IoT) platform provider Greenwave Systems raised $45m in a two-tranche series C round yesterday featuring energy utility E.ON.
The first funding phase was led by EDBI, the investment vehicle of the Singaporean government’s Economic Development Board, while the second attracted Singapore Technologies Telemedia, a subsidiary of Singaporean state-owned investment firm Temasek.
E.ON and venture capital firm Westly Group also participated in the round. Greenwave has not disclosed the individual sums of the two tranches, though it revealed that the extension made up the larger chunk.
Greenwave also secured a $15m mezzanine facility from investment firm Business Development Corporation of America.
Founded in 2008, Greenwave produces software to manage entire ecosystems of IoT devices. The funding will help it accelerate global expansion and develop products for the management of mobile infrastructures and machine-to-machine services.
Greenwave raised $19m in a 2013 series B round led by Westly that included Craton Equity Partners, after Craton had provided $11m in series A capital for the company in 2010.