Recently, General Electric (GE) acquired Daintree Networks, a Melbourne construction automation startup, for more than A$100 million, becoming the largest private sales transaction for Australian technology business assets in the past decade. Founded in 2003 by Bill Wood and another former HP engineer, Daintree has designed and developed an open source, standardized wireless system Controlscope for light and temperature regulation. It has been applied to more than 1,000 small and medium commercial buildings in the US, including large customers. National Bank of Arizona, United Stationer, etc.
It is reported that after the acquisition of GE, Daintree's team - more than 60 engineers in Melbourne, California and Massachusetts will be merged into GE's new innovative business unit Current's industrial Internet software development platform Predix.GE in a statement It said that this acquisition will enable Current to expand its building automation platform and enhance its ability to provide energy as a service to small and medium-sized buildings around the world.
GE did not disclose the specific terms of the transaction. According to AFR, the Australian financial commentary AFR, long-term director of Daintree's Melbourne venture capital Jolimont Capital, Teresa Engelhard said that Daintree invested $17 million in a 40% stake in Series A and Series B financing, and the transaction The return to investors is A$42 million, and Daintree's valuation can exceed A$100 million.
The venture capital arm of Australian real estate giant Lend Lease is another major investor in Daintree, leading the 2010 round of round B financing, allegedly holding another 40% stake. A spokesperson said the transaction was not material in accordance with the listing rules of the ASX and did not disclose specific terms.
By integrating with the Predix platform, building managers will be able to more easily analyze data collected by Daintree sensors and optimize management decisions to further reduce energy use costs, while Daintree claims to have saved up to 60% of the energy savings for major US customers. %. Geoff Culbert, President of GE Australia, confirmed that Daintree's team of engineers will remain in Melbourne. "We want to preserve their entrepreneurial culture and provide them with a global development platform."
Australia’s culture of innovation is recognized. Daintree's president in San Francisco, Derek Proudian, said that Silicon Valley is currently overheated and it is difficult to find real talent. “And our own engineers have excellent professional ethics and business abilities, as well as resilience. They don’t have frequent job hopping in California, so Australia is a place for technology development. I have built teams around the world, Melbourne The human feeling is very fresh."
The acquisition of Daintree will be an important step for GE to enter the industrial Internet. Culbert said that today's industrial Internet is like the consumer Internet in 1999. GE predicts that 50 billion machines will be interconnected by 2020, including 100 million connected light bulbs. Things that were once still will change, and they can force the flow of information. I think there will be exponential growth in the meantime.
At the handover ceremony held on April 20th, Engelhard, who just resigned as a director, said that Daintree's transaction proves that Australia “can do deep scientific research and development, can do well and surpass others. Although it is growing in Australia. Suffered from all kinds of doubts, but can persist and succeed."
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