We last covered Evrythng, an ‘Internet of Things’ startup in depth, back when it was first funded by Atomico to go and realise the vision that many digital prophets had talked about but few were actually trying to tackle in real life. Today it’s announcing that it’s secured more cash to drive this vision forward. Specifically, Evrythng has raised a $7 million Series-A investment round from Atomico, the fund founded by Skype co-founder Niklas Zennstrom, and New York-based private equity investors BHLP LLC, as well as London-based VC Dawn Capital. Alongside these investors, that little company called Cisco is also investing.
What this means is that Evrythng – that fiendishly difficult to type startup name! – is amongst the best funded IoT startups out there, with some very credible names attached to it.
Cisco will not only be backing Evrythng with financial clout but also enabling the integration of Evrythng’s software platform with Cisco’s IOX and CMX hardware technology. This creates an extremely powerful solution when it comes to tracking and managing the data flowing to/from and around the billions of smart objects connected to the web. Indeed some are calling this a $500 billion opportunity.
As Evrythng co-founder Andy Hobsbawm tells me, the company has three main areas it touches: Customer engagement with products (usually via via smartphones), Smart supply chains and Connected products. It’s those three that make Evrythng a truly IoT company.
Put simply, Evrythng is not making hardware to track stuff. It’s a data management layer over identifiers which should be anything from RFID tags to QR codes. You name it. This intelligent identity platform manages the data flowing to, from and around the billions of new products and other objects which are gradually becoming connected to the Web. It makes products ‘smart’ by connecting them to the Web.
Niall Murphy, CEO and Co-Founder at Evrythng says “The investment allows us to accelerate our mission to connect every individual product to the Web with its own intelligent online identity, working with global product manufacturer and retail brands.” Mattias Ljungman, Partner at Atomico echoes this. He believes this market “represents a fundamental shift globally and is now rapidly accelerating as a high growth opportunity.”