31 May '18, 4pm

Smart Wires Raises $55M for Its Transmission Grid Power Routing Tech

Smart Wires Raises $55M for Its Transmission Grid Power Routing Tech

Smart Wires has raised $54.6 million in funding, as the Bay Area startup works with utilities on three continents to prove out its latest generation of technology meant to bring greater control to the transmission grid. The new funding round is part of an $88.1 million total offering, according to a filing with the U.S. Securities and Exchange Commission. Of the $54.6 million, $44.6 million consists of shares issued upon conversion of convertible notes, a form of short-term debt provided by investors from previous rounds which can be converted into equity in future rounds of funding. Smart Wires had previously raised about $63 million, most recently in 2015 with a $30.8 million round that included $11.6 million in convertible notes and $19.2 million in equity investment. The sole investor in that round was 3x5 Special Opportunity Fund, an investment vehicle formed by River...

Full article: https://www.greentechmedia.com/articles/read/smart-wires-...

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