Proving the Business Case for the Internet of Things

Smart energy player Electric Imp raises $15 million in funding

Iain Morris
August 19, 2014
Internet of Things platform provider Electric Imp – whose technology is being used to support connectivity services in energy management and green technology – has raised $15 million in funding from a range of investors.

The company’s funders include Foxconn Technology Group (New Taipei, Taiwan), PTI Ventures (Taipei, Taiwan) and Rampart Capital (London, UK), as well as Redpoint Ventures (Menlo Park, CA, USA), which has previously invested in the business.

The $15 million in funding comes on top off $8 million that Electric Imp (Los Altos, CA, USA) received in 2012 and will be used to accelerate growth, development and worldwide adoption of Electric Imp’s platform, said the company in a statement.

“Half a million connected products are in the market today using Electric Imp’s technology,” said Hugo Fiennes, the chief executive and co-founder of Electric Imp. “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.”

“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,” added Fiennes. “The growing number and range of devices in the marketplace successfully utilizing our platform is a clear validation of that strategy.”

Launched in 2012, Electric Imp’s connectivity platform has since been adopted by a range of high-profile customers, including Quirky (New York City, NY, USA), a home appliances business backed by GE (Fairfield, CT, USA).

Among Quirky’s products are a smart air conditioner that automatically adjusts settings to maximize savings on energy bills and a smart propane tank gauge that alerts users when it is running low on fuel and can be monitored by means of a smartphone app.

Electric Imp says that it is enabling connectivity in a range of industrial sectors, including heating, ventilation, and air conditioning; energy management; manufacturing; and green technology.

It has also formed a strategic partnership with EnOcean (Oberhaching, Germany), which has developed an energy harvesting wireless sensor technology used mainly in building automation systems.
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