US-based internet connectivity technology company Electric Imp raised $15m in series B funding yesterday from investors including contract electronics manufacturer Foxconn Technology Group.
The round also included venture capital firms Redpoint Ventures and PTI Ventures, investment firm Rampart Capital and Electric Imp chief executive Hugo Fiennes.
Electric Imp produces the ‘Imp’ chip, which is intended to provide internet connectivity to all electronic devices. The funding will provide support for the company’s rapid growth and development.
Hugo Fiennes said: “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.”
Electric Imp raised $8m in a 2012 series A round featuring Redpoint and Lowercase Capital. In April the company entered into a partnership with wireless chipmaker Murata to produce and sell its next generation WiFi-enabled connectivity module.