Welcome!

@ThingsExpo Authors: Liz McMillan, Zakia Bouachraoui, Yeshim Deniz, Pat Romanski, Elizabeth White

News Feed Item

Electric Imp Announces $15 Million in Series B Funding

Electric Imp, an innovative and powerful platform that makes it simple to connect devices to the Internet, 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.

About Electric Imp

Electric Imp offers an innovative and powerful platform that makes it simple to connect devices to the Internet. Our unique WiFi-enabled solution - featuring fully integrated hardware, software, OS, APIs and cloud services - dramatically decreases cost and time to market. The Electric Imp platform is reliable and secure, empowering manufacturers and developers to manage and quickly scale their connected products and services to millions of users.

Electric Imp, founded in 2011, is located in Los Altos, California and Cambridge, England.

About Foxconn Technology Group

Founded in 1974, Foxconn Technology Group, under the leadership of founder and Chairman Terry Gou, offers the most competitive production manufacturing technology in the world. With forward-looking vision, Foxconn self-created the 3C OEM service business model eCMMS, incorporating vertical integration of mechanical, optical and electronic components, as well as the advantage of one-stop integrated solution. Foxconn Technology Group has in recent years gradually transformed in the direction of technology services, providing customers the most comprehensive solutions. Aside from maximizing value creation for customers, Foxconn Technology Group is also dedicated in enhancing the concept of environmental protection in the manufacturing process and aims to be the trusted partner for customers as well as the model for global enterprises.

About PTI Ventures

PTI Ventures specializes in early to growth stage capital for private technology companies in the United States, Taiwan, and China that can benefit from its role as active investor and business development partner, leveraging an extensive network of business partners in Asia.

About Rampart Capital

Rampart Capital is an independent investment office based in London, England, providing investment management and advisory services worldwide. We have proven expertise in absolute return investment strategies across a wide range of asset classes and our approach to investing is flexible, transparent and entirely aligned to our clients’ interests. We focus on allocating capital to opportunities drawn from the widest range of strategies and markets that offer the best reward for their risk. We construct portfolios by bringing these investments together, whilst seeking to ensure a high degree of diversification between uncorrelated assets.

About Redpoint Ventures

Since 1999, the Redpoint team has been partnering with visionary founders who create new markets or redefine existing ones. From the earliest stages, we have supported HomeAway, Fortinet, Heroku, Netflix, TiVo, Juniper, RightMedia, Zimbra, LifeSize, among many others, helping them transform their industries.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
The challenges of aggregating data from consumer-oriented devices, such as wearable technologies and smart thermostats, are fairly well-understood. However, there are a new set of challenges for IoT devices that generate megabytes or gigabytes of data per second. Certainly, the infrastructure will have to change, as those volumes of data will likely overwhelm the available bandwidth for aggregating the data into a central repository. Ochandarena discusses a whole new way to think about your next...
DXWorldEXPO LLC announced today that Big Data Federation to Exhibit at the 22nd International CloudEXPO, colocated with DevOpsSUMMIT and DXWorldEXPO, November 12-13, 2018 in New York City. Big Data Federation, Inc. develops and applies artificial intelligence to predict financial and economic events that matter. The company uncovers patterns and precise drivers of performance and outcomes with the aid of machine-learning algorithms, big data, and fundamental analysis. Their products are deployed...
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence. Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busine...
All in Mobile is a place where we continually maximize their impact by fostering understanding, empathy, insights, creativity and joy. They believe that a truly useful and desirable mobile app doesn't need the brightest idea or the most advanced technology. A great product begins with understanding people. It's easy to think that customers will love your app, but can you justify it? They make sure your final app is something that users truly want and need. The only way to do this is by ...
CloudEXPO | DevOpsSUMMIT | DXWorldEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Cell networks have the advantage of long-range communications, reaching an estimated 90% of the world. But cell networks such as 2G, 3G and LTE consume lots of power and were designed for connecting people. They are not optimized for low- or battery-powered devices or for IoT applications with infrequently transmitted data. Cell IoT modules that support narrow-band IoT and 4G cell networks will enable cell connectivity, device management, and app enablement for low-power wide-area network IoT. B...
The hierarchical architecture that distributes "compute" within the network specially at the edge can enable new services by harnessing emerging technologies. But Edge-Compute comes at increased cost that needs to be managed and potentially augmented by creative architecture solutions as there will always a catching-up with the capacity demands. Processing power in smartphones has enhanced YoY and there is increasingly spare compute capacity that can be potentially pooled. Uber has successfully ...
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...