Here's a summary of Wave's financing back to May 24, 2007. Looks like a pretty favorable trend to me:
2007 May 24, $15 million
2008 Mar 3, $3.5 million
2008 May 23, $1.7 million
2008 Jul 1, $1.6 million
2008 Aug 11, $821,000
2008 Sep 12, $756,800
2008 Sep 30, $211,200
2008 Oct 31, $721,000