Smart Wires has raised $54.6 million in funding, as the Bay Area startup works with utilities on three continents to prove out its latest generation of technology meant to bring greater control to the transmission grid. The new funding round is part of an $88.1 million total offering, according to a filing with the U.S. Securities and Exchange Commission. Of the $54.6 million, $44.6 million consists of shares issued upon conversion of convertible notes, a form of short-term debt provided by investors from previous rounds which can be converted into equity in future rounds of funding.