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Smart product startup Evrythng raises $24.8 million

William Payne
March 16, 2017
 

UK based IoT product platform Evrythng which aims to give any physical object a 'digital identity' has raised a $24.8 million Series B round of funding.

Founded in 2011, the company provides a business IoT platform for managing 'intelligent software identities'. This allows products to be identified and managed via tags such as QR, or through inserted chips that can interact with NFC, BLE, RFID, as well as items that are linked via M2M and industrial networks.

Evrythng is active in logistics and supply chain operations, in direct to consumer retail operations, and smart home products.

The financing round was led by San Francisco based Sway Ventures. It included Toronto based Generation Ventures and London based Bloc Ventures.

Existing investors in Evrythng include Cisco, Samsung, BHLP, Atomico, Dawn Capital and Advance Vixeid Partners.

The company plans to use its latest funding round to expand the company's staff by around 15% to 20% over the next 12 to 18 months in both London and New York. 

Part of the investment will also go towards market development and technology innovation.