Tuesday, January 19, 2010

Ember adds $5M in venture debt funds

By Mass High Tech staff

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Wireless technology-maker Ember Corp. has received $5 million in venture debt financing from Wellington Financial LP, according to Wellington. Ember plans to use the capital to grow its business.

Wellington is a Toronto-based, privately held specialty finance firm.

Boston-based law firms Choate LLP and Mintz Levin LLP provided legal advice on the transaction.

In October, Ember added a utility executive to its board of directors with the addition of Jacob Worenklein, who filled the seat vacated by departing board member Rebecca Henderson. Henderson left to take a new position at Harvard Business School.

Spun out of MIT in 2001, Ember makes the ZigBee portfolio of products, which comprises wireless software and network equipment for smart grid applications, home area networks, building automation and automatic meter reading. As of 2006, the company had raised $65 million in venture funding from Polaris Venture Partners, GrandBanks Capital, RRE Ventures, Vulcan Capital, DFJ ePlanet Ventures, DFJ New England, WestLB Mellon Asset Management and ChevronTexaco Technology Ventures.