GreenWave Reality said Thursday that it has raised $19 million in Series B funding. The Westly Group led the round with participation from Craton Equity Partners. Headquartered in Irvine, Calif., GreenWave Reality is a provider of home energy management solutions.
IRVINE, Calif. – October 10, 2013 – GreenWave Reality announced today the company closed $19 million in Series B funding led by The Westly Group including follow-on investment from Craton Equity Partners. GreenWave will use the funding to accelerate the rollout of its innovative Home2Cloud platform through its global partners and scale up the company’s operations. The company has raised $31 million to date. GreenWave Reality has 150 employees worldwide including a leadership team of senior executives from Cisco, Apple, Motorola, Nokia and Nero.
GreenWave’s Home2Cloud platform allows consumers to easily connect and manage all of their “things” that are or will be connected to the Internet such as smartphones, TVs, routers and smart appliances enabling them to access rich cloud based applications and services. GreenWave’s service provider and utility partners are now able to bridge an optimized in-home consumer experience delivering personalized information and entertainment, enhanced comfort and savings with leading cloud-based services. The advanced management capabilities in the Home2Cloud platform, such as self-healing, help to reduce deployment costs of managed services, improve consumer adoption and increase profitability for the service provider. In addition to delivering quality of service (QoS) for the in-home network, GreenWave’s cloud-based platform is a scalable high-availability solution based on a NoSQL architecture that is fully optimized for big data applications.
“Today’s consumers are overwhelmed with technology. Therefore, they want easy-to-use products that help them live smarter, healthier and more efficient lives,” said Greg Memo, CEO of GreenWave Reality. “Our Home2Cloud platform securely and intelligently connects these smart devices to the Internet, unlocking new applications that will greatly enhance consumers’ lives so they will better benefit from all the technology around them. Securing this new funding, and gaining the experience of Steve Westly on the GreenWave board, will allow us to accelerate our rollouts with service provider and utility partners who are deploying innovative products and services based on our Home2Cloud platform.”
On top of the Home2Cloud platform, GreenWave also offers its own award-winning applications including Connected Lighting, Home Monitoring and Energy Management services. Partners can also easily integrate third party applications that deliver personalized information and entertainment. GreenWave has solidified a worldwide customer base that includes leading service providers, lighting manufacturers, and utilities.
“GreenWave has taken an early leadership position in Smart Home with a strong management team that is executing their vision into significant customer momentum and a solid product pipeline, said Steve Westly, Founder and Managing Partner of The Westly Group. “We look forward to being part of the success of GreenWave’s transformative technology in this exciting Internet of Things market.”
About GreenWave Reality
Founded in 2008, GreenWave Reality empowers consumers to achieve the smart connected lifestyle by delivering personalized information and entertainment, enhanced comfort and savings.
GreenWave’s Home2Cloud platform is highly secure and scalable allowing its service provider partners to confidently leverage the broad capabilities of Internet of Things and Machine-to-Machine communications to create their own value-added managed services. In addition, GreenWave offers its own award-winning services including Connected Lighting, Home Monitoring and Energy Management. The company has customers that include leading service providers, lighting manufacturers, and utilities. GreenWave Reality is privately held and headquartered in Irvine, California with offices in Copenhagen and Singapore. For more information, please visit www.greenwavereality.com.
About Westly Group
The Westly Group is one of the larger clean tech venture firms in the US. The company is located in Menlo Park and has offices in Beijing. The company has had four companies go public on the NASDAQ. For more information visit http://www.westlygroup.com/