3M Invests In Toronto-based Smart Energy Instruments - Quick Facts

(RTTNews) - 3M New Ventures, the corporate venture arm of diversified manufacturer 3M Company (MMM) Monday announced an equity stake in Toronto-based Smart Energy Instruments, or SEI, a move that will further accelerate SEI's efforts in developing electronic chipsets with high-precision, real-time monitoring capabilities for smart grids, as well as give 3M a bigger presence in the energy sector.

The investment from 3M New Ventures comes as several existing stakeholders also bolstered their equity in SEI, including Venturelink Funds, ArcTern Ventures and the Ontario Capital Growth Corp.

Together, the financing round, led by 3M New Ventures, totaled $5 million, or C$5.6 million. Other details of the transaction were not disclosed.