Greenwave Systems, a provider of Internet of Things (IoT) software and managed services, has secured US$45 million in Series C round of funding led by Singapore Technologies Telemedia (ST Telemedia).
Founded in 2008, Greenwave Systems is a software and services company whose singular focus is to encourage the mass adoption of internet of things. The company’s team works closely with leading service provider, utilities and consumer electronics companies like DIRECTV, TCP, E,ON and many others to design, develop and deploy connected devices and services. Its flagship Axon platform allows users to manage new devices and applications on an operator network.
With the new funds, Greenwave plans to support California-based Greenwave’s global expansion and strategic investment. ST Telemedia said, “With investment in Greenwave, ST Telemedia will participate in the attractive growth prospects of IoT while assisting with market insights, partnerships and portfolio businesses to accelerate Greenwave’s expansion in Asia-Pacifiv region.”
ST Telemedia noted that the IoT industry is growing exponentially as the number of connected devices in the household and within enterprises multiples, enabled by the ability to remotely control these devices using cloud-based applications and wireless technology.