AAA Mitsui helps varnish Redwood’s $11.75m round

Mitsui helps varnish Redwood’s $11.75m round

Japan-based conglomerate Mitsui has helped Redwood Systems, a US-based lighting company, raise $11.75m.

Mitsui was joined in the series C round by venture firms Battery Ventures, US Venture Partners and Index Ventures.

Redwood provides low-voltage direct current power and control to lighting fixtures and a high-density sensor network. This allows system to achieve 75% energy savings.

Redwood recently set up operations in Europe, where it signed EDF, the second largest electric utility company in France.  

In June last year Mitsui Global Investment, the Japan-based company’s corporate venturing unit, backed Redwood with $3.5m.

Shin Kodera, investment partner with Mitsui Global Investment, said at the time of the deal that 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."

In 2010 Rewood raised a $15m series B round. In 2008 Redwood raised $4m.

Leave a comment

Your email address will not be published. Required fields are marked *