Electric Imp, a startup focused on boosting Internet Of Things (IoT) security, raised $21 million in venture funding. It plans to use the funding to expand its global market as IoT security becomes a more urgent issue for IT professionals.
BizJournals.com reports that the Los Altos, California-based company’s Series C round was led by Rampart Capital, accompanied by Redpoint Ventures and company insiders. This brings the total raised to date by Electric Imp to $43 million.
The startup’s platform allows secure connectivity between advanced cloud computing systems and devices.
“Our flexible solution, coupled with rapidly expanding commercial and industrial demand, were key factors in raising a solid C round in the face of a challenging funding environment,” said Electric Imp’s CFO/COO Oliver Hutaff in a media statement.
“Global industrial and commercial enterprises are looking for ways to extract data from the physical world through the IoT and are turning to us to provide them with a fully secure, company-wide IoT platform.”
Electric Imp poised to surf IoT wave
The funding for Electric Imp comes at a time when the potential for IoT is just beginning to take off. A 2015 study by the McKinsey Global Institute predicts IoT applications could reach as much as $11.1 trillion annually by 2025.
”This funding is a natural step in Electric Imp’s ongoing expansion and validates our approach with large commercial and industrial customers including Pitney Bowes and other yet to be announced global enterprises,” said CEO Hugo Fiennes in a press release. “Our company is strategically positioned to maximize the potential of our industry-leading technology platform where proven security and scalability are critical to commercial and industrial enterprises.”
Electric Imp’s industrial and commercial clients involve such fields as: industrial light equipment systems; health and fitness; and energy and resource management. Its platform includes integrated security, cloud services, operating system, hardware, software, management tools, and scalability.
