Singapore Technologies Telemedia (ST Telemedia) has invested in an Internet of Things (IoT) software and managed services company in the United States.
ST Telemedia, which is backed by Temasek Holdings, has provided the majority of funds in the US$45 million (S$64 million) Series C financing round for Greenwave Systems.
It said yesterday that the funds will be used to support the California-based Greenwave's global expansion and strategic investment.
ST Telemedia noted that the IoT industry is "growing exponentially" as the number of connected devices in the household and within enterprises multiplies, enabled by the ability to remotely control these devices using cloud-based applications and wireless technology.
"Investing in Greenwave marks ST Telemedia's continuing investment strategy in next-generation technology platforms," said ST Telemedia, which is now represented on Greenwave's board of directors.
It said the investment will allow the firm to 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.
Greenwave works with telecommunication providers, utilities and other companies to develop solutions for managed services, such as home automation, connected lighting, energy management and other machine-to-machine services.
Its flagship Axon platform, for instance, allows users to manage new devices and applications on an operator network.
Correction note: An earlier version of this story stated that ST Telemedia is the lead investor in the US$45 million (S$64 million) Series C financing round for Greenwave Systems. This has now been corrected.