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Electric Imp Announces $15 Million in Series B Funding
|By Business Wire
|August 13, 2014 09:02 AM EDT
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
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
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
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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