EVRYTHNG, the Internet of Things (IoT) Smart Products Platform, announced Tuesday (March 14) the completion of its $24.8 million Series B round of funding.
In a press release, EVRYTHNG said the latest round of funding was led by Sway Ventures and also included Generation Ventures and London-based Bloc Ventures. Existing investors include Cisco Investments, Samsung, BHLP, Atomico, Dawn Capital and Advance Vixeid Partners. EVRYTHNG said the latest funding will go to support its growth via partnerships, the expansion of its team and continued development of its enterprise-focused IoT platform for managing intelligent software identities in the cloud and digital lifecycle applications for product manufacturers. The company noted that during the past 12 months it inked partnerships with global packaging companies Avery Dennison Retail Branding and Information Solutions (RBIS), Crown Holdings and WestRock. The partnerships enable close to 300 billion consumer products each year to be provisioned with a digital identity in the cloud at the point of manufacture. 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.
“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. In 2016 EVRYTHNG made huge progress in growing our business and digitally enabling products at massive scale for the world’s brands. Through our packaging partnerships at the root of the supply chain, as many as 300 billion products are now capable of being #BornDigital(™) at point of manufacture. 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,” said Niall Murphy, CEO and cofounder of EVRYTHNG.