Irvine-based green energy startup GreenWave Reality Inc., which was started last year by a handful of Cisco Systems Inc. veterans, nabbed an $11 million investment last week.
GreenWave makes what’s called “smart” energy products and software that help consumers monitor and control home electrical appliances.
The company makes specialized displays called “intelligent” power strips and light-emitting diode bulbs that tie in with software that monitors electricity use.
GreenWave is set to use its funding to expand pilot programs with customers, primarily utility companies in Europe, where energy consumption monitoring is mandated by law.
“We are actually getting tremendous traction in Europe,” Chief Executive Greg Memo said.
Users of GreenWave’s products can set up automatic controls to start the dishwasher or washing machine at off-peak hours, when energy is cheaper and in less demand.
Or the products can turn off video game consoles and DVD players when not in use, but leave a digital video recorder running.
GreenWave’s software can be accessed via the Web, iPhone or other mobile devices.
“We can create a Web portal that allows you to see energy usage and to be able to control the devices in your home,” Memo said.
The company expects to have its devices testing with U.S. utilities later this year.
Memo sees the monitoring of energy as a compliment to the government’s push for utility companies to use smart meters that allow for more efficient power use.
“We are really excited about the smart meter roll out,” Memo said. “We are in discussions with the Department of Energy and a number of utilities in the U.S.”
Los Angeles-based private equity firm Craton Equity Partners, which invests in alternative energy startups, contributed $5 million to GreenWave’s funding round.
Kevin Wall, a partner at Craton Equity, is set to get a board seat at GreenWave.
Other companies and individual investors, whose names weren’t disclosed, invested $6 million.
The company said it also received support from Singapore’s Economic Development Board to develop its products. GreenWave has offices in Singapore and Copenhagen, Denmark.
GreenWave has some 40 workers. It does engineering, marketing and sales in Irvine and has its devices made in Asia.
GreenWave was started late last year by Memo and Martin Manniche, who were executives at Cisco’s consumer product group in Irvine. Manniche was chief technology officer at Linksys, an Irvine-based Cisco unit.
Memo has a long history in consumer electronics.
He was general manager of Cisco’s consumer group, which makes routers and the Flip flash-memory-based handheld video camera.
He’s also headed product development at PC maker Gateway Inc., Apple Inc. and other makers of notebook computers.
Other Cisco Ties
GreenWave includes other former Cisco workers.
Peter Wilmar Christensen, GreenWave’s chief financial officer, was a senior director at Cisco.
Tim Lyons, who is vice president of engineering, was Cisco’s senior director for Internet services.
Troy Pliska, GreenWave’s vice president of supply chain operations, also served at Cisco as a program manager for its connected life programs and strategic planning.
Green energy technology has drawn investment to Orange County in recent years.
In May, Sunnyvale’s Maxim Integrated Products Inc. bought Irvine-based Teridian Semiconductor Corp., a maker of chips for energy meters, for $315 million.
Costa Mesa’s Sail Venture Partners, which ranked No. 1 on the Business Journal’s venture capital firms list earlier this month, targets energy efficiency and green technologies. It recently invested an undisclosed amount in Corona-based Paragon Airheaters Technologies.
In April, Seal Beach-based Amonix Inc., which designs and makes solar panels, said it raised $129 million in a second funding round that was led by Menlo Park-based Kleiner, Perkins, Caufield & Byers.
