Electric Imp today announced it has completed $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 funding adds to the $8 million Series A investment the company received in 2012, and will accelerate the continued rapid growth, development and worldwide adoption of the company’s platform and product portfolio.
“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, CEO and Co-founder of Electric Imp. “From the beginning, our goal has been to deliver the most dynamic platform that empowers businesses with a solution to easily integrate connectivity into their products. The growing number and range of devices in the marketplace successfully utilizing our platform is a clear validation of that strategy.”
“Foxconn, a world leading manufacturer, is actively developing the best technologies to bring greater value and benefit to our customers,” said Young Liu, general manager of Foxconn’s Innovation Digital System Business Group (iDSBG). “Our investment in Electric Imp, one of the leading Internet connectivity platforms, enables us to remain at the forefront of the rapidly emerging Internet of Things movement as we continue to bring the best technology to the market.”
Fiennes added, “Working with Foxconn Technology Group helps grow our market reach, enabling us to offer our platform benefits to an even wider group of customers and business partners.”
The Electric Imp connectivity platform launched in 2012 as the realization of Fiennes’ vision of creating a comprehensive solution for building IoT devices. The company’s proven WiFi-enabled platform – featuring fully integrated hardware, software, OS, APIs and cloud services – dramatically decreases cost and time to market while increasing flexibility, security, and scalability.
Since introducing its pioneering platform two years ago, Electric Imp 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.