Everactive, a US-based developer of battery-less industrial internet-of-things technology, completed a $30m funding round yesterday featuring featured ABB Technology Ventures, the corporate venturing arm of industrial group ABB.
The round was led by Future Fund, Australia’s sovereign wealth fund, and included spinout-focused investment firm Osage University Partners, growth equity firm Blue Bear Capital and venture capital firm New Enterprise Associates (NEA).
Everactive manufactures internet-enabled sensors for the industrial sector that rely on advanced integrated circuit and wireless networking technology to operate without batteries, while exploiting cloud-based analytics software to provide data-fuelled insights.
The devices are intended to support a transition towards the internet-of-things (IoT), which is hampered by difficulties with battery replacement and resulting data gaps, in settings where ongoing maintenance of IoT devices is impractical.
The funding will help Everactive service rising customer demand and develop additional products. It was established in 2012 as PsiKick and rebranded as part of the latest round.
The company’s co-founders include Benton Calhoun, a professor in University of Virginia’s electrical and computer engineering department, and David Wentzloff, an associate professor in the equivalent department at University of Michigan.
Everactive said it has now raised $63m altogether. NEA led a series A round of undisclosed size for the company in 2014 that featured Osage University Partners and University of Michigan’s venture fund, Mints. The same three joined assorted angel investors for a $16.5m series B round two years later.
The original version of this story appeared on our sister site, Global University Venturing.