California, Aug 14, 2014: The Internet of Things (IoT) company Electric Imp today announced it had completed US $15 million in Series B funding from new investors, Foxconn Technology Group, PTI Ventures and Rampart Capital, and returning investors Redpoint Ventures and Hugo Fiennes, CEO and Co-founder of Electric Imp.
The new series adds to the US $8 million Series A investment the company received in 2012.
“Half a million connected products are in the market today using Electric Imp’s technology. This investment round will enable Electric Imp to continue the global expansion of its innovative Internet connectivity platform into new markets, applications and strategic relationships,” said Hugo Fiennes, Chief Executive Officer and Co-founder of Electric Imp.
Foxconn, a leading manufacturer, is actively developing the best technologies in the sphere of customer satisfaction, and its investment in Electric Imp, an Internet connectivity platform, seems to be the right move, as it will enable the former to be at the forefront of the rapidly emerging IoT movement.
Founded in 2011, the Electric Imp platform was launched in 2012 as a comprehensive solution for building IoT devices. The company’s Wi Fi-enabled platform – featuring fully integrated hardware, software, OS, APIs and Cloud services – decreases cost and time to market while increasing flexibility, security, and scalability. The company is located in Los Altos, California, United States of America, and Cambridge, England.
In the two years, the platform has been adopted by a wide variety of customers – including Quirky + GE, Budweiser, Rachio and Safer Aging – with products in more than 15 segments currently available in the marketplace.
Electric Imp is also enabling connectivity in an array of industrial sectors, ranging from asset management, HVAC, and energy management to manufacturing and green technology. The company has formed a growing number of strategic relationships with companies such as IDEO and EnOcean, among others.
Image Credit: Electric Imp
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