Evrythng Inc. on Tuesday said it has raised a $24.8 million round to push its Internet of Things smart products platform ahead.
Founded in 2011, Evrythng offers an enterprise-focused IoT platform for managing intelligent software identities in the cloud and digital lifecycle applications for product manufacturers.
The company’s platform connects consumer products to the web and manages real-time data to drive applications and analytics throughout the product lifecycle. Evrythng works with consumer product manufacturers to manage billions of intelligent identities in the cloud for their products by enabling those companies to deliver digital services directly to end-users through their products, manage supply chains using real-time data, and operate smart products connected to the broader ecosystem of applications and services on the Web and in the enterprise.
Evrythng claims to have more than 500 million “Active Digital Identities” for products operating on its platform today. It has deployed digital applications and services across more than 3 billion products over the past 12 months and has partnerships with Avery Dennison Retail Branding and Information Solutions, Crown Holdings and WestRock, which provide branding and packaging services for companies big and small.
“Digital transformation is rewriting the rules for every consumer products brand,” Evrythng co-founder and Chief Executive Officer Niall Murphy said in a statement. “The digitization of products to drive data intelligence, connect directly with end-users and deliver new business models is now mission-critical. This funding round is a signal of the maturing and adoption of the Internet of Things in the enterprise.”
The so-called digital transformation market, which includes companies such as Evrythng that are endeavoring to facilitate IoT device management, is expected to grow from $150.5 billion in 2015 to $431.7 billion in 2021, according to Zion Market Research. Even a small slice of this market, should Evrythng be successful, could mean revenues in the hundreds of millions, if not billions of dollars, within half a decade.
The Series B round was led by Sway Ventures and included Generation Ventures and Bloc Ventures. Evrythng has now raised $39.3 million to date. Previous investors included Cisco Investments, Samsung, BHLP, Atomico, Dawn Capital and Advance Vixeid Partners.
The company said it would use the new funding to support their growth through partnerships, an increased headcount and continued development of its enterprise-focused IoT platform.