San Francisco, New York and London, 14 March 2017— EVRYTHNG, the Internet of Things (IoT) Smart Products Platform, today announces the completion of its $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.
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 transform their business and operating models, the digitization of the 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 a consistent technology pioneer and thought leader in the use of IoT to digitize consumer products in the cloud and power applications across their lifecycle as they are made, sold and used. In 2016 the company was recognized by Bloomberg as a global innovation leader, and by Red Herring in its Global Top 100. Through its partnership with Avery Dennison RBIS, EVRYTHNG also recently unveiled high-end connected apparel collaborations with Rochambeau and Rebecca Minkoff. The originator of the Web of Things as a technology concept through work done by its founders at Massachusetts Institute of Technology and ETH Zurich, EVRYTHNG has collaborated with other major industry players and the World Wide Web Consortium on standardization.
Founded in 2011 and launched in 2012, EVRYTHNG currently has more than 500 million Active Digital Identities(™) for products operating on its platform today, and has deployed digital applications and services across more than three billion products over the past 12 months. The company is uniquely positioned as the enterprise platform-as-a-service for consumer manufacturers to digitize their products in the cloud and make them smart with applications and analytics. In 2016 the company’s leadership team was further strengthened by the addition of former Google product leader Jennifer Hyman Sutton as Chief Product Officer. The Series B funding brings the total capital raised by the company to $34.8 million.
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.”
Brian Nugent, Founding General Partner at Sway Ventures, said: “Sway invests in high-performing teams building revolutionary technology and creating the next enterprise or consumer category, and the Internet of Things is a burgeoning technology of increasing significance to brands across a wide range of sectors. EVRYTHNG is at the forefront of enabling brands and product manufacturers to make smart products, engage with their customers and gain deeper insights into their products, including where they are sold, how they are used and what happens to them through their entire lifecycle. We are excited to be supporting the company’s growth and realization of its vision, which is both category-defining and playing a critical role in the digital transformation of the consumer product brand market.”