Evrythng, the Internet of Things platform for ‘smart products,’ scores $24.8M Series B
Evrythng, the Internet of Things (IoT) smart products platform that gives any physical object a so-called “digital identity,” has closed a $24.8 million Series B funding.
The round was led by San Francisco-based Sway Ventures, and also included Toronto-based Generation Ventures and London-based Bloc Ventures. They join existing backers such as Cisco Investments, Samsung, BHLP, Atomico, Dawn Capital and Advance Vixeid Partners.
Founded all the way back in 2011, Evrythng offers an enterprise-focused IoT platform for managing what it calls “intelligent software identities” for products that have been made smart via anything from smart tags like QR codes, to NFC, BLE, RFID, or which are directly connected to the internet. In other words, it’s the data layer needed by companies that want to go all in on the IoT trend as part of their digital transformation strategy.
In a call, Evrythng co-founder and CEO Niall Murphy told me that the company’s customers and use case broadly falls into three camps: tracking products through the supply chain, direct-to-consumer applications through smart packaging that can be the trigger for new types of experiences, and directly connected smart home products (i.e. what consumers might traditionally think of as IoT).
In a sign of how far the company has come since its upstart beginnings, over the past 12 months, Evrythng has announced partnerships with leading global packaging companies Avery Dennison Retail Branding, Information Solutions (RBIS), Crown Holdings and WestRock.
But why, you may ask, does a product’s packaging need to be smart or tentatively connected to the internet? The upside is that, since it has a digital identity via the Evrythng platform, it can be properly tracked throughout the supply chain, including its whereabouts, authenticity and product recalls, for example.
On the consumer side, these digital identities can also be connected to an app to enable things like further product information and various digital experiences, or something as simple as re-ordering a very specific product SKU.
Meanwhile, I’m told the new Series B funding will support Evrythng’s growth through additional partnerships, the expansion of its team and further development of its platform.