Electric Imp doubles down on IoT
This brings the amount raised by the company to $43 million and the company said the latest tranche of funding would be used to support commercial and industrial customer growth.
Electric Imp launched in 2012 (see Former Apple, Google, Facebook engineers launch IoT startup) having developed a Wi-Fi node contained within the physical format of memory card. The company hoped such “imps” would become the standard way to provide physical objects with an IP address and link them to the Internet through a Wi-Fi mediated Internet of Things (IoT).
However, the IoT has remained fragmented and despite early-mover advantage Electric Imp appears to have achieved success in a few publicly declared design wins where the end–to-end system can be controlled by single customer.
In a statement announcing the funding Electronic Imp said that its design wins include a “diverse array of commercial and industrial customers in energy and resource management, health and fitness, industrial light equipment and HVAC systems.”
Prior to co-founding Electric Imp, CEO Hugo Fiennes worked at Apple where he managed the hardware team for the first four iPhones and then became iPhone architect. London-based Rampart Capital led the latest funding round alongside returning venture capital firm Redpoint Ventures. The company also has an office in Cambridge, England.
“This funding is a natural step in Electric Imp’s ongoing expansion and validates our approach with large commercial and industrial customers including Pitney Bowes and other yet to be announced global enterprises,” said Fiennes, in the statement.
“In 2014, we proved the reliability and usability of our scalable platform in the consumer market, and partnered with Murata to design and build our hardware modules, enabling our customers to connect their devices quickly, easily, and securely,” continued Fiennes. “In 2015, we launched our enterprise cloud offerings, which allow customers to build on top of our class-leading platform, accelerating their company-wide IoT strategies. Our continued focus on enterprise services has helped us with key customer wins, and has enabled our customers to get their devices connected in record time without sacrificing security.”
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