Greenvity, a startup that makes “system on a chip” (SOC) technology for use in smart grid-connected equipment or energy saving consumer electronics, has raised more than $7 million in a series A round led by DFJ VinaCapital. The round was joined by undisclosed angels and one chip manufacturer, reports managing director of the Ho Chi Minh City-based venture fund, Phuc Tan.
Greenvity’s chips could be used in everything from energy meters, home appliances, electric vehicles and solar inverters to mobile phones and routers, Tan confirmed.
In an e-mail interview with TechCrunch, the investor also explained:
“[Today] only a small number of devices and appliances in the home incorporate energy saving features, partly because of cost…and the lack of a robust enabling technology. Greenvity’s [chip technology] paves the way for a larger number [of these] to have smart, energy saving features.”
Greenvity plans to generate revenue by selling chips to manufacturers, but hasn’t ruled out the possibility of licensing its technology. So far, the startup— which has significant operations in Vietnam— is working with prospective customers that manufacture: home appliances, smart meters and set top boxes, so far. Its customer list is confidential due to non-disclosure agreements, however.
Designed to work with a range of CPUs including: the X86 Intel embedded CPU, Atom CPU, ARM CPU, and custom embedded CPUs, Greenvity’s chips will also include encryption and security features. That could make Greenvity’s technology distinct from competitors’ offerings. The “system on a chip” space is crowded. A handful of U.S. based competitors to Greenvity range from: Conexant to Palmchip and Texas Instruments.
Greenvity will focus on markets in countries where smart grid infrastructure is taking off, affordable smart devices are in demand, and energy costs or consumption are on the rise. Its sales efforts in the near term will be throughout the U.S., Europe, China, Japan, Korea and Taiwan, Tan confirmed.