NEW YORK — EVRYTHNG, which operates an Internet of Things (IoT) Smart Products Platform, has completed a $24.8 million Series B funding round led by San Francisco-based Sway Ventures and also including Toronto-based Generation Ventures and London-based Bloc Ventures. The new investors join a strong base of existing backers including: Cisco Investments, Samsung, BHLP, Atomico, Dawn Capital and Advance Vixeid Partners. The funding will support EVRYTHNG’s growth through 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.
EVRYTHNG is based in London with offices in New York and San Francisco.
Over the past 12 months, EVRYTHNG has announced partnerships with leading global packaging companies Avery Dennison Retail Branding and Information Solutions (RBIS), Crown Holdings and WestRock. Avery Dennison RBIS is a global leader in apparel labeling, branding and packaging solutions, serving many of the world’s largest retailers, apparel and footwear brands. Crown Holdings and WestRock are market leaders in the consumer packaged goods market, packaging tens of billions of food, beverage and home goods products for global brands.
These partnerships are enabling up to 300 billion consumer products annually to be #BornDigital™, with each product being provisioned with a digital identity in the cloud at the point of manufacture. This enables many of the world’s biggest consumer product brands to deploy digital applications across their product portfolio at massive scale. 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.
As consumer product manufacturers digitally transform their business and operating models, the digitization of billions of products enables brands to gather data and insight, create new channels to market, build direct consumer relationships and deliver new business models. According to the World Economic Forum and Accenture, digital transformation is expected to put $4.9 trillion of value at stake for consumer industries by 2025, while IDC reports that two-thirds of CEOs of the Global 2000 will have digital transformation at the center of their corporate strategies by the end of this year.
With a team of 58 operating between London, New York and San Francisco, EVRYTHNG has been using IoT to digitize consumer products in the cloud and power applications across their lifecycle as they are made, sold and used.
Niall Murphy, CEO and Co-Founder at EVRYTHNG, said: “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.”