Ember Corp., a Boston-based provider of wireless “smart meter” technologies, has raised $5 million in venture debt funding from Wellington Financial. It previously raised around $89 million in VC funding from Chevron Technology Ventures, Stata Venture Partners, Polaris Venture Partners, GrandBanks Capital, RRE Ventures, Vulcan Capital, DFJ ePlanet Ventures, New Atlantic Ventures and WestLB Mellon Asset Management.
Wellington Financial LP, a privately-held specialty finance firm, today announced a 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 financing will provide the company with additional working capital to accommodate its strong growth trajectory. Some primary venture capital investors include Polaris Ventures, Grand Banks Capital, RRE Ventures, Vulcan Capital, DFJ ePlanet Ventures and New Atlantic Ventures.
“Ember’s smart grid solutions are on the leading edge of next generation wireless, low power mesh networking technologies,” said Craig Netterfield, Senior Vice President at Wellington Financial. “This transaction is an excellent example of how our True Growth Capital can benefit an already successful and rapidly growing company. We have a great deal of confidence in Ember’s global market potential.”
Ember’s ZigBee networking systems – CMOS wireless semiconductors, ZigBee protocol software and tools – are extensively used in the smart grid – smart meters, home area networks (HANs) and automatic meter reading applications. These applications enable consumers, utilities and businesses in better managing energy resources, saving costs and reducing carbon footprint.
“With Wellington Financial as our newest partner, we can capitalize on the strong global initiatives underway to implement smart energy and home control solutions,” said Jim Sheehan, Senior Vice President and CFO of Ember. “We are pleased to have a premier North American venture debt firm on board.”
Choate LLP and Mintz Levin LLP, both of Boston, provided legal advice on this transaction.
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. Since 2004, Wellington Financial LP has led or participated in more than $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 revolving lines of credit, term, venture and amortizing loans up to $40 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. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
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.