Wireless Glue Networks, Inc. Secures $4.5 Million in Funding From Investors in Japan and the US
LAFAYETTE, Calif., February 21, 2013-- Wireless Glue Networks, Inc. announced today it closed a Series B round of $ 4.5 million. Investors include Japanese firms, Innovation Network Corporation of Japan, Toko Electric Corporation, Hosiden Corporation, and US venture capital firm, Clean Pacific Ventures.
Increased limitations in electricity supply along with pressures to manage capital and operational spending have resulted in accelerated efforts to optimize existing energy resources by applying information and communications technology to the existing electrical distribution system, through demand response (DR) and energy management systems. The acceleration of these efforts has been particularly acute in Japan following the Great East Japan Earthquake of March 2011 and the resulting decrease in nuclear generation capacity.
However, there is a wide range of different standards and communications systems used around the world to control ventilation and lighting in factories, commercial buildings, and homes.
Wireless Glue's SmartEdge M2M software platform allows diverse communication systems and standards to communicate and cross-connect with each other on a single platform.
"Out of necessity, Japan is poised to be a leader in the world energy market," said Peter McCabe, President and CEO, Wireless Glue Networks. "Our SmartEdge M2M platform provides real-time control and energy data between buildings and the cloud for aggregated energy management and DR applications that is scalable and cost-effective because it utilizes existing infrastructure."
"Wireless Glue's platform differs from anything else we have seen and its position in Japan provides a significant advantage to deployment in a rapidly advancing market," said Sean Schickedanz, General Partner and Chief Investment Officer of Clean Pacific Ventures.
About Innovation Network Corporation of Japan (INCJ)
The INCJ was established in July 2009 as a public-private partnership that provides financial, technological and management support for next-generation businesses. The INCJ specifically supports those projects that combine technologies and varied expertise across industries and materialize open innovation. For more information, visit http://www.incj.co.jp/english/
About Toko Electric Corporation
TOKO ELECTRIC CORPORATION (Public, TYO: 6921) is a Japan-based Tokyo Electric company (TEPCO) mainly engaged in the manufacture and sale of electric meters and related infrastructure products. For more information, visit www.tokodenki.co.jp
About Hosiden Corporation
Manufacturing and selling of electronic and information & communications equipment. For more information, visit www.hosiden.co.jp
About Clean Pacific Ventures Management LLC
Based in San Francisco, Clean Pacific Ventures Management is an independent venture capital company, which primarily invests in early-stage clean technology companies. For more information, visit www.cleanpacific.com
About Wireless Glue Networks, Inc.
Wireless Glue is a United States-based company with offices in Japan that delivers software and hardware solutions that capture and deliver energy data in real-time for the Commercial and Industrial market. For more information, visit www.wirelessglue.com
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