Electric Imp Announces $15 Million in Series B Funding
Leading Connectivity Platform for the Internet of Things Receives Investment from Foxconn Technology Group, PTI Ventures, Rampart Capital and Redpoint Ventures
LOS ALTOS, Calif., August 13, 2014-- 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.
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