San Jose, CA, U.S.A. — (METERING.COM) — January 4, 2012 – Fabless semiconductor company EnVerv has raised $12 million in a Series B round of funding to support production of its multimode powerline communication system-on-chip solutions, the company announced recently.
Benchmark Capital led the new round, and was joined by existing investors New Enterprise Associates and Walden International. The proceeds will go toward further development and working capital.
“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, chief executive officer of 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 is among a handful of companies working on highly integrated multi-standard narrowband PLC modems, including G3-PLC, PRIME, S-FSK and its own TurboPLC™, with applications in advanced metering infrastructure (AMI) as well as other powerline-based smart control and monitoring applications.
In addition to its San Jose head office, EnVerv maintains an office in San Diego and also has established an office in China.
In recent months, the company has been field testing its products in cooperation with its customers and utilities, it said.