Smart device management platform Evrythng has managed to rake in $24.8 million in a Series B funding round led by San Francisco-based investor Sway Ventures.
The London-based firm, founded in London in 2011, also attracted the support of Toronto-based Generation Ventures and UK-based Bloc Ventures. Evrythng offers an enterprise-focused IoT platform that can be used to manage what it has termed “intelligent software identities” for products that have been “smart-ified” through a range of smart tags like QR codes, to NFC, BLE, RFID, or which are directly connected to the internet. It is basically the data layer that companies are looking for if they want to jump onto the IoT bandwagon as part of their digital transformation strategy.
According to the firm, the new inflow of funds will go towards expanding its team, towards continued development of its enterprise-focused IoT platform, and for forging relations with relative partners in the industry.
Niall Murphy, CEO and co-founder at Evrythng, commented on the news:
This funding round is a signal of the maturing and adoption of the Internet of Things in the enterprise. We are pleased to be working with world-class investors and enterprise partners to realize our vision of ‘Every Thing Connected’ as the trillions of products made and sold across the world become instrumented and a part of the digital ecosystem.
Brian Nugent, founding general partner at Sway Ventures, talked about the reason for the investment:
Evrythng is at the forefront of enabling brands and product manufacturers to make smart products, engage with their customers and gain deeper insights into their products, including where they are sold, how they are used and what happens to them through their entire lifecycle. We are excited to be supporting the company’s growth and realization of its vision, which is both category-defining and playing a critical role in the digital transformation of the consumer product brand market.
This new funding round brings Evrythng’s total amount raised to $34.8 million.
Other investors who have also previously backed the firm include Cisco Investments, Samsung, BHLP, Atomico, Dawn Capital and Advance Vixeid Partners.
