The funding round was led by U.S. investor Sway Ventures.
London-based internet of things company Evrythng said it raised $24.8 million in a Series B funding round led by San Francisco-based investor Sway Ventures, with additional funding from Toronto-based Generation Ventures and U.K.-based Bloc Ventures. The new investors join BHLP, Atomico, Cisco Systems, Samsung, Dawn Capital and Advance Vixeid Partners as investors in Evrythng.
“With this Series B investment, Evrythng is responding to the rapid maturing and scalability of the market opportunity for the internet of things applied to the digital lifecycle of consumer products,” the firm said in a statement. “We will be applying the new capital to accelerate our growth and capacity to meet the needs of our customers, both in our platform and with our partners, continue the innovation and development of applications driving intelligence with billions of active products, build connectivity across the digital ecosystem and expand our team.”
The company collects, manages and applies real-time data from smart products and smart packaging to drive IoT applications.
Shipments of connected digital signs to reach 22.9 million in 2021
Global shipments of connected digital signage displays are estimated to have grown by 19.7% to 10.5 million units in 2016, according to a recent report by Swedish IoT analyst firm Berg Insight.
Berg Insight forecasts that global shipments of connected digital signs will grow at a 16.7% compound annual growth rate in the next five years to reach 22.9 million units by 2021. As a result, the number of connected digital signage displays in active use worldwide will grow at an 18.3% CAGR from an estimated 37.6 million units in 2016, to 87.2 million units in 2021.
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Source: Insights ALL