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Greenwave has raised $19 million to prepare for the day when our homes are run by computers.
The company is building a “Home2Cloud” platform that connects all the different connected devices in a home so you can manage them from one dashboard.
“We are talking about a world where you have 100 to 150 connected devices in your home and people are going to need infrastructure that can handle that traffic and allow you to manage all of those devices in a cost-effective way,” CEO Greg Memo told VentureBeat.
Home2Cloud connects with low power devices, and all this data is sent to the cloud. The activity is monitored in real time, and a self-healing application will trigger enhancements, like notifying consumers when there is an error, adjusting to daylight savings time, and prioritizing traffic on your network.
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Cisco predicts that there will be 50 billion connected devices by 2020. The Internet of Things is viewed as “the next frontier” for the Internet. There are now “smart” sensors for lighting, thermostats, doors, and windows, TVs, refrigerators, security. Each has its own management system, and they don’t necessarily communicate with each other. Greenwave’s goal is to make the interconnections between those applications smart.
“The Internet of Things sound great, but in reality there are some really hard challenges there on the backend,” said CMO Nate Williams. “The lack of extensibility of those applications will be a problem. You end up working for the tech, rather than the tech working for you. We want to empower people so they don’t have to be the CTO of their own homes.”
Memo and Williams emphasized that this is a difficult and big problem, but they think they have the right team to do it.
Memo most recently served as the Vice President and General Manager for Cisco’s consumer business organization and led the product team surrounding Cisco-Linksys Home Networking products. CTO Martin Manniche and CFO Wilmar Christensen also hail from Cisco. Manniche was CTO of the consumer business group. Williams joined Greenwave from Google’s Motorola Mobiility.
Greenwave operates a business-to-business model where it works with strategic partners to implement and distribute the technology. It currently has solutions for energy management, connected lighting, and home monitoring.
Craton Equity Partners led this round, which will help with the roll out of Home2Cloud. This brings Greenwave’s total capital raised to $31 million. The company is based in Irvine, Calif., and has offices in Copenhagen and Singapore.