US-based industrial sensor developer Everactive raised an undisclosed amount from electronic and biomedical equipment producer Fluke as part of a series C round with a $35m target.
The company had received $30m in a June 2019 first tranche led by Australian sovereign wealth fund Future Fund and backed by ABB Technology Ventures, a subsidiary of power and automation technology manufacturer ABB.
Osage University Partners (OUP), Blue Bear Capital and New Enterprise Associates (NEA) also participated in the 2019 close, which Everactive said increased its overall funding to $63m.
Founded in 2012 as PsiKick, Everactive produces industrial internet-of-things (IIoT) sensors that operate without batteries and which are designed to consume less power than existing technologies.
Fluke president Marc Tremblay is joining Everactive’s board of directors in connection with its investment. He said: “Everactive’s breakthrough technology enables the ability to scale beyond anything we have previously seen in the industrial internet-of-things industry.
“We look forward to working with the Everactive team to define new industrial monitoring solutions that unlock a superior value proposition for our customers,”
Everactive secured $7.2m in series B1 funding from unnamed investors in 2017, having raised $16.5m in a 2015 series B round led by OUP that included University of Michigan’s Investment in New Technologies Fund, NEA and various individuals.
The same three investors had previously contributed to a 2014 series A round sized at $5.2m according to a securities filing, following $750,000 in seed capital two years earlier.
The original version of this article appeared on our sister site, Global University Venturing.