California, April 8, 2016: Internet of Things (IoT) platform Electric Imp has announced it had closed a new round of funding. The US $21 million Series C round was led by London-based Rampart Capital, alongside company insiders and returning venture capital investor, Redpoint Ventures.
”This funding is a natural step in Electric Imp’s ongoing expansion and validates our approach with large commercial and industrial customers,” said Hugo Fiennes, Chief Executive Officer and Co-founder of Electric Imp, in a blog post. “Since we launched our enterprise Cloud offerings in 2015, we’ve been focused on helping companies in these markets bring their IoT strategies to life. The enterprise market has responded positively to our technology and Cloud platform, which enables our customers to get their devices connected, and deliver data quickly and cost effectively – without sacrificing security.”
“Our flexible solution, coupled with rapidly expanding commercial and industrial demand, were key factors in raising a solid C round in the face of a challenging funding environment,” said Oliver Hutaff, Electric Imp’s CFO/COO.
In addition to technology firm Pitney Bowes, Electric Imp provides connectivity solutions to a diverse array of commercial and industrial customers in energy and resource management, health and fitness, industrial light equipment and HVAC systems. Electric Imp’s proven platform, robust ecosystem of IoT partners, and range of cloud offerings allow our customers to reduce operational costs through energy optimization and resource management, measurable reduction of waste, and introduction of predictive and preventative maintenance.
Image Credit: Electric Imp