Boston-based Ember, a provider of low-power wireless mesh networking technology has renewed its 2009 US$5 million venture debt financing. Wellington Financial arranged the financing for the original transaction which provided the company with additional working capital to accommodate its growth strategy. Venture capital backers include Polaris Ventures, GrandBanks Capital, RRE Ventures, Vulcan Capital, DFJ ePlanet Ventures and New Atlantic Ventures.
Wellington Financial LP, a privately-held specialty finance firm, today announced the renewal of a 2009 US$5 million venture debt financing for Ember Corporation of Boston, Massachusetts. Ember is a leading provider of low-power wireless mesh networking technology. Proceeds from the original financing provided the company with additional working capital to accommodate its strong growth trajectory. Some primary venture capital investors include Polaris Ventures, GrandBanks Capital, RRE Ventures, Vulcan Capital, DFJ ePlanet Ventures and New Atlantic Ventures.
“Ember develops the core wireless technologies for home automation and energy management products that comprise the Connected Home,” said Craig Netterfield, Senior Vice President at Wellington Financial. “The Ember team has continued to build on their leadership position in this market since our original financing, and we are pleased to support the management team and Board as they execute on Ember’s exciting business plan.”
Ember’s ZigBee networking systems – CMOS wireless semiconductors, ZigBee protocol software and tools – are extensively used for monitoring and control operations in the Connected Home including, Smart Energy, Security Monitoring and Automation (SMA), Home Automation, Smart Lighting and Communicating Appliances. These applications enable more comfort, convenience and security in the home for consumers while allowing them to work with utilities to better manage energy consumption.
“Wellington Financial has been an excellent partner over the past two years as we continue to work with global leaders who are creating an array of networked devices in the home,” said Jim Sheehan, Senior Vice President and CFO of Ember.
Since 2006, Wellington Financial Fund III has led $300 million in transactions, making it one of the most active funds of its kind in North America.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $450 million investment program via Wellington Financial Fund III, with offices in Toronto, Canada and Santa Monica, California. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (cvg:TSX), who jointly have contributed a large financial stake to Fund III. LPs include several of Canada’s largest institutional investors, crown corporations, financial institutions and pension funds.
About Ember Corporation
Ember Corporation ( www.ember.com ) develops wireless mesh networking technology – chips, software, tools – for Smart Energy, connected homes, as well as many other monitoring and control applications enabling greener living and work environments. The Boston-based company is a promoter of the ZigBee Alliance with an IC design center in Cambridge, England, office in Hong Kong and sales channels worldwide.
SOURCE Wellington Financial LP