Internet of Things startup EVRYTHNG has raised $24.8 million (£20 million) of funding in a Series B round led by Sway Ventures, a San Francisco-based VC firm, and backed by Bloc Ventures and Generation Ventures.
Founded in 2011, London-based EVRYTHNG is a data management platform that enables businesses and consumers to keep track of goods moving through the supply chain, by dint of giving each product a “digital identity” verifiable via chips or QR codes.
The company, which boasts such heavyweights as Coca-Cola and can-making multinational Crown Holdings among its clients, is currently managing over 500 million digital identities, according to Business Insider.
The new round—which brings the company’s total funding to $39.3 million (£31.7 million)— will allow EVRYTHNG to grow its team and further develop its core IoT technology.
Company co-founder and CEO Niall Murphy commented the deal in a statement: “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,” he said.
Sway Ventures general partner Brian Nugent also weighed in on 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,” Nugent said
“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 concluded.
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