Irvine-based smart technology provider Greenwave Systems Inc. raised $45 million in a Series C round led by the investment arm of the Singapore Economic Development Board and Singapore Technologies Telemedia.
Greenwave’s AXON Platform has been adopted in next-generation Internet of Things systems, routers, videos and wireless products as it further diversifies into the machine-to-machine market.
The company launched in 2008 and has raised $76 million in venture capital. It was started by former Apple Inc., Motorola and Cisco Systems Inc. executives, including founder and Chief Executive Martin Manniche, who was chief technology officer for Cisco’s consumer business division.
Greenwave said it plans to use the latest proceeds to speed up global expansion and provide capital for strategic investments.
Prior backers include Menlo Park-based Westly Group, one of the largest clean-technology venture firms in the U.S. German energy provider E.ON SE also invested in the latest funding round.
