Everactive Secures Additional Series C Funding From Strategic Investors
SANTA CLARA, Calif., July 29, 2021 (GLOBE NEWSWIRE) -- Everactive, a technology company that sells category-defining batteryless, wireless Internet of Things (IoT) solutions, today announced it has raised $16 million in a strategic funding round from 3M, the global diversified technology company; Ericsson, the global networking and telecommunications company; and Armstrong International, the leading thermal utilities company. 3M, Ericsson and Armstrong were all either existing customers or partners prior to investing in Everactive. This round builds on the Series C financing completed earlier this year – bringing the Series C total funding to over $50 million.
This investment marks major votes of confidence from highly trusted industry brands. For 3M, the investment deepens an existing relationship – improving the efficiency of the company’s manufacturing operations by utilizing Everactive’s monitoring solutions. Ericsson is interested in seeing novel wireless technologies, such as Everactive’s, developed for further strengthening the support of IoT use cases using mobile communication infrastructure. For Armstrong, this investment marks an opportunity to expand its existing partnership with Everactive – combining its deep thermal expertise with Everactive’s technology to make steam systems smarter. Overall, the funding will fuel the expansion of Everactive’s batteryless technology, which stands to drive an eormous scale for smart Internet of Things (IoT) products that is simply not possible with battery powered sensors.
“The breadth of industries that Everactive’s investors represent signals the exciting promise of the application of this technology across a variety of sectors,” said Bob Nunn, CEO at Everactive. “We will leverage the funding to grow an ecosystem through which Everactive’s technology will enable a wide array of high-value, high-volume solutions across industries including manufacturing, food and beverage, CPG, pharmaceutical and biotechnology, petrochemical, oil and gas and more.”
Over the past 12 months, Everactive grew its recurring revenue by 400%, while nearly doubling its team size as the appetite for large-scale remote monitoring increased throughout the COVID-19 pandemic.
Everactive’s proprietary ultra-low-power technology is the foundation for completely batteryless and wireless IoT solutions. Requiring up to 1,000x less power than competing offerings, Everactive’s real-time asset monitoring solutions operate entirely—and continuously—from low levels of “harvested energy.” Wireless IoT sensors that never require battery maintenance can be deployed at a scale not possible with batteries in order to generate massive new data sets that unlock high-value operational insights for enterprises. Everactive Steam Trap Monitoring (STM) and Machine Health Monitoring (MHH) customers include multinational companies such as Anheuser-Busch In-Bev, Colgate-Palmolive, Hershey’s and Merck, as well as several universities and the U.S. Government. Everactive’s steam trap monitoring solution helps reduce steam loss and associated energy and emissions waste. Its machine health monitoring system enables remote condition monitoring to help reduce downtime, improve efficiency and extend asset life.
“At Ericsson, we are always looking towards the future and we know IoT has the potential to be limitless in terms of the advances it brings,” said Graham Ackerman at Ericsson Ventures. “The ability to deploy battery-less sensors could unlock very exciting new use cases, at unprecedented scale.”
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