Internet of things (IoT) platform provider Evrythng has raised $24.8 million in a Series B round led by Sway Ventures, with participation from Generation Ventures and Bloc Ventures.
Founded out of New York in 2011 and launched in stealth a year later, Evrythng has IoT smarts to help connect consumer products to the internet, serving companies with real-time data on usage. The company had raised $14.5 million before now, including its previous $7.5 million round back in 2015, and says its latest cash influx will be used to support its growth through “partnerships, the expansion of its team, and continued development of its enterprise-focused IoT platform,” according to a company statement.
“The digitization of products to drive data intelligence, connect directly with end-users, and deliver new business models is now mission-critical,” said Evrythng cofounder and CEO Niall Murphy. “In 2016, Evrythng made huge progress in growing our business and digitally enabling products at massive scale for the world’s brands. This funding round is a signal of the maturing and adoption of the Internet of Things in the enterprise.”
Investment in IoT has shown no real sign of waning over the past year, with the likes of French startup Sigfox nabbing a whopping $160 million, Thalmic Labs raising $120 million, wearable company Jawbone closing a $165 million round, and Nokia snapping up Withings for $192 million.
Evrythng isn’t the only company that’s pitching itself as the “glue” to help firms connect their products to the web and harness data. Back in November, San Francisco-based Particle raised $10.4 million to grow its IoT development platform, which is a little like Evrythng’s offering.
Previous investors include such big names as Cisco Investments, Samsung Ventures, and Atomico, some of whom also participated in this latest round. Evrythng now counts a team of 58 spread across its offices in New York, London, and San Francisco.