SAN JOSE, USA: EnVerv Inc., an innovative fabless semiconductor company developing high performance Communications System on Chip (SoC) solutions for the Smart Grid market announced the closing of $12 million Series B round of funding led by Benchmark Capital. Previous investors, NEA and Walden International participated in the round also.
“Mission critical connectivity is the cornerstone of building reliable smart grids worldwide and EnVerv’s SoC products provide the best solution for smart grid communications,” said Bruce Dunlevie, general partner, Benchmark Capital. “Successful delivery on an array of high performance Power Line Communications (PLC) SoCs in just over a year is a testament to EnVerv’s laser focused execution and innovative product design. At Benchmark, we look forward to working with EnVerv’s management to help continue with this success.”
EnVerv is among a handful of companies working on highly integrated multi-standard (such as G3-PLC, PRIME, S-FSK and EnVerv’s TurboPLC) narrowband PLC modems. EnVerv’s PLC enable applications in Advanced Metering Infrastructure (AMI), Solar Inverters, Active Lighting, Industrial Control & Remote Monitoring markets where emphasis on mission critical communications and reliable data transmission across power line networks are required.
“We are very pleased to see Benchmark join our current investors in support of our vision to make EnVerv the leading provider of energy management solutions in the market,” said Shahin Hedayat, CEO, EnVerv. “This investment will enable us to capitalize on our technical achievements to scale customer support and volume production of our high performance multimode PLC chips.”
EnVerv’s PLC technology has been field trialed worldwide and has received customer acceptance in all major markets.
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