Evrythng, a UK-based internet-of-things technology developer backed by electronics producer Samsung, has raised $24.8m in a series B round led by venture capital firm Sway Ventures, Business Insider reported on Tuesday.
Investment firm Bloc Ventures and venture capital firm Generation Ventures also took part in the round alongside undisclosed existing backers.
Evrythng has created a data management platform that lets companies track their materials throughout the supply chain by assigning them with so-called digital identities. Consumers can also find out more about a product by scanning a QR code or using the NFC reader on their phone.
The company claims it currently manages more than 500 million such digital identities and it will use the series B capital to increase that number to several billion. The funding will also go towards recruitment as well as technology and market development.
Evrythng previously received $7.5m in 2015 from networking equipment maker Cisco’s investment subsidiary, Cisco Investments, and Samsung Ventures, the corporate venturing arm of Samsung. The round was co-led by BHLP and Atomico, and included Dawn Capital and various unnamed backers.
Cisco Investments, Atomico, BHLP and Dawn Capital, had supplied $7m in funding in 2014, after Atomico had provided $3m in seed capital in 2011. Evrything also named Advance Vixeid Partners as an existing shareholder in its latest press release but did not reveal when the firm first invested.