Evrythng, an IoT Smart Products platform, has announced the completion of its $24.8 million Series B funding round led by San Francisco-based Sway Ventures. Other investors participating in the round included Toronto-based Generation Ventures and London-based Bloc Ventures, who were joined by existing backers including Cisco Investments, Samsung, BHLP, Atomico, Dawn Capital and Advance Vixeid Partners.
According to the company, the funding will be used to support its growth through partnerships, team expansion and continued development of its enterprise-focused IoT platform for managing intelligent software identities in the cloud and digital lifecycle applications for product manufacturers.
“Digital transformation is rewriting the rules for every consumer products brand. The digitization of products to drive data intelligence, connect directly with end-users and deliver new business models is now mission-critical,” said Niall Murphy, CEO and Co-Founder, Evrythng.
Over the past one year, Evrythng has announced partnerships with global packaging companies Avery Dennison Retail Branding and Information Solutions (RBIS), Crown Holdings and WestRock. These partnerships enable consumer products to be provisioned with a digital identity in the cloud at the point of manufacture. This in turn enables consumer product brands to deploy digital applications across their product portfolio at massive scale.
Applications enabled by Evrythng include tracking products through the supply chain, direct-to-consumer applications through smart packaging and operating directly-connected smart home products.
“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,” Murphy added.
Founded in 2011, the company is vigorously driving its efforts to digitize consumer products in the cloud, with a team of 58 operating between London, New York and San Francisco. Positioned as a platform-as-a-service (PaaS) for consumer manufacturers, it claims to have more than 500 million Active Digital Identities for products operating on its platform, and to have deployed digital applications and services across more than three billion products over the past year. The Series B funding brings the total capital raised by the company to $34.8 million.