Smart device management platform Evrythng has announced the closure of $24.8m Series B funding round led by San Francisco-based investor Sway Ventures.
The firm, which was founded in London in 2011, also drew support from Toronto-based Generation Ventures and UK-based Bloc Ventures.
The company says the funding will enable it to expand its team, continue developing its enterprise-focused IoT platform and forge relations with relative partners in the industry.
Niall Murphy, CEO and co-founder at Evrythng, commented on the raise and the state of the IoT sector.
“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, explained his decision to invest in the firm: “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.
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“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,” he added.
With this Series B round, the company brings its total amount raised to $34.8m.
Previous investors in the firm include Cisco Investments, Samsung, BHLP, Atomico, Dawn Capital and Advance Vixeid Partners.