SINGAPORE: Singapore Technologies Telemedia (ST Telemedia) is now part of US-based Internet of Things (IoT) company Greenwave Systems's Series C US$45 million financing round, the investment company announced on Tuesday (Jan 5).
In a press release, ST Telemedia said that it provided the majority of the US$45 million. When approached, ST Telemedia declined to provide details on the exact amount it is investing.
Proceeds from this round of financing will fund Greenwave's global expansion as well as provide capital for strategic investment, said ST Telemedia, adding that this investment marks its "continuing investment strategy into next-generation technology platforms".
Greenwave is a Californian IoT company that helps objects - such as phones, lights, televisions and kitchen appliances - communicate with each other through its AXON platform. It opened a research and development facility at Science Park II in Singapore in January last year.
According to ST Telemedia, the IoT industry is growing exponentially, as the number of connected devices in the home and in offices multiples, "enabled by the ability to remotely manage, monitor and control these devices using cloud-based applications and wireless technology".
"With its 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 the Asia-Pacific region," said ST Telemedia.