SINGAPORE, Jan. 26, 2015 /PRNewswire/ -- Greenwave Systems, the global Internet of Things (IoT) software and managed services leader, today announced it is opening a new Research & Development Centre in Singapore to further expand its innovation capabilities for the Internet of Things. The new facility will focus on delivering state-of-the-art IoT technologies to its media, service provider, insurance, utility and consumer electronics partners and customers globally. Today, Greenwave has over 230 employees worldwide across offices in the U.S., Denmark, Singapore and Korea. With the opening of its new R&D Centre, Greenwave expects to grow its Singapore-based team from 80 to approximately 120 employees.
"We welcome the establishment of Greenwave's new R&D Centre in Singapore, and are pleased that Greenwave has chosen Singapore to be its platform to grow its Internet of Things (IoT) business," said Ms. Thien Kwee Eng, Assistant Managing Director at the Singapore Economic Development Board. "With the rise of digitisation and opportunities in consumer businesses, as well as media and energy management, we encourage Greenwave to continue to leverage Singapore's talent pool, research institutions and sophisticated demand for the co-creation of advanced IoT technologies for the Asian market and beyond."
According to a recent report from International Data Corporation (IDC), based upon an extensive global market study, the worldwide IoT market is forecast to grow from $1.3 trillion in 2013 to $3.04 trillion in 2020. In addition, government mandates will drive the Western Europe and Asia-Pacific regions to outpace North America in terms of IoT revenues and installed base through 2020.
"We applaud the Singapore Economic Development Board's vision in recognizing IoT and M2M as exciting and strategic areas to drive economic growth in Singapore," said Martin Manniche, Greenwave Systems Founder and CEO. "Since Greenwave was already established in Singapore, we've had the opportunity to see first-hand how the nation's focus on innovation and technology has attracted superb talent and exciting business prospects. This was key in our decision to establish an R&D Centre in Singapore as we look to expand our presence not only across Asia-Pacific but also the global market."
Greenwave's Axon™ managed services platform is the technology that global brands use to connect devices and enable network-based services for their customers. With broad support of popular wireless communication protocols, Axon integrates broad device ecosystem management with video experience to deliver a powerful whole-home network, media, control and monitoring experience. Axon is a managed modular platform upon which services and applications can be deployed and maintained, and provides device-powered real-time data that can be used to create highly targeted revenue-generating business models.
The new Innovation and R&D Centre will be located in Science Park II, Singapore.
About Greenwave Systems
Greenwave Systems is a global Internet of Things (IoT) software and services company whose disruptive Greenwave360º engagement model and scalable Axon™ software platform solution enables category-leading brands to profitably deploy managed services. The company's mission is to drive mass adoption of IoT by enabling leading brands to use technology in ways that foster deeper customer relationships. Learn more about Greenwave at www.greenwavesystems.com or follow us on Twitter at @GreenwaveSys.
About Singapore Economic Development Board
The Singapore Economic Development Board (EDB) is the lead government agency for planning and executing strategies to enhance Singapore's position as a global business centre. EDB dreams, designs and delivers solutions that create value for investors and companies in Singapore. Our mission is to create for Singapore, sustainable economic growth with vibrant business and good job opportunities. EDB's Home strategy articulates how we are positioning Singapore for the future. It is about extending Singapore's value proposition to businesses not just to help them improve their bottom line, but also to help them grow their top line through establishing and deepening strategic activities in Singapore to drive their business, innovation and talent objectives in Asia and globally.
For more information on EDB, please visit www.edb.gov.sg.
SOURCE Greenwave Systems