Mar 29 2010
Lend Lease's venture capital business, which is Australia's leading dedicated cleantech investor, today announced further diversification of its portfolio with a A$9 million (US$8 million) investment in Daintree Networks - a leading developer of wireless lighting control solutions for commercial buildings.
Based in Mountain View, California, with a Research and Development facility in Australia, Daintree is developing a wireless solution that overcomes the traditional barriers to retrofitting existing buildings with energy saving lighting control systems - the rewiring.
Removing the wires greatly reduces the cost and complexity of deploying lighting controls. When compared with wired solutions, Daintree delivers significantly shorter payback periods, especially in retrofits, and in some cases is the only viable solution. Daintree's solution implements advanced commissioning technology as well as a high reliability network architecture suitable for controlling a single office, entire floor, or multi-building installation.
Daintree markets its wireless solutions to leading global lighting and controls companies. The investment will be used to fund the company's worldwide expansion, particularly in the US market, as well as ongoing technology and product development.
Anthony Pascoe, Chief Executive Officer of Lend Lease's venture capital business said: “We see Daintree as a leading innovator of energy efficient lighting controls. Daintree's Australian-based engineering team is one of the few teams capable of developing a scalable and robust wireless lighting platform.
“Energy use in commercial buildings accounts for around 10 per cent of Australia's greenhouse gas emissions. Daintree Networks' innovative technology and excellent management team are capable of supporting Lend Lease's leadership in sustainable building construction and refurbishment.”
Danny Yu, Chief Executive Officer of Daintree Networks, said: “We look forward to partnering with Lend Lease. Beyond capital, Lend Lease also brings expertise, networks and worldwide commercial opportunities to help accelerate our vision to be the leading provider of wireless solutions to the lighting industry.”
Lend Lease's venture capital business invests in commercially viable growth companies operating in energy, water and building sectors. It has committed over A$50 million in expansion capital to date, and created a high quality investment portfolio.