Wellington Financial Renews $5 Million Financing to Ember
Wellington Financial LP announced the renewal of a 2009 US$5 million venture debt financing for Ember Corporation, a provider of low-power wireless mesh networking technology. Proceeds from the original financing provided the company with additional working capital to accommodate its strong growth trajectory. Some primary venture capital investors include Polaris Ventures, GrandBanks Capital, RRE Ventures, Vulcan Capital, DFJ ePlanet Ventures and New Atlantic Ventures.
“Ember develops the core wireless technologies for home automation and energy management products that comprise the Connected Home,” said Craig Netterfield, senior vice president at Wellington Financial. “The Ember team has continued to build on their leadership position in this market since our original financing, and we are pleased to support the management team and Board as they execute on Ember’s exciting business plan.”
Ember’s ZigBee networking systems – CMOS wireless semiconductors, ZigBee protocol software and tools – are extensively used for monitoring and control operations in the Connected Home including, Smart Energy, Security Monitoring and Automation (SMA), Home Automation, Smart Lighting and Communicating Appliances. These applications enable more comfort, convenience and security in the home for consumers while allowing them to work with utilities to better manage energy consumption.
“Wellington Financial has been an excellent partner over the past two years as we continue to work with global leaders who are creating an array of networked devices in the home,” said Jim Sheehan, senior vice president and CFO of Ember.
Since 2006, Wellington Financial Fund III has led $300 million in transactions, making it one of the most active funds of its kind in North America.
Wellington Financial LP is a privately held specialty finance firm providing term, venture and amortizing loans up to $30 million.
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