- The new funding will be used to accelerate sales, marketing, and product development in the industrial sector
- Everactive’s end-to-end monitoring solutions target high-volume industrial assets that are currently unmonitored or under-monitored precisely because they exist in such high volume
Everactive that sells category-defining batteryless, wireless Internet of Things (IoT) solutions, announced today it closed a $35 million funding round led by Fluke Corporation, the mainstay in industrial test and measurement. The round also added new investors 40 North Ventures (a venture fund focused on industrial innovation), TOP Ventures (venture arm of Thaioil Group), and Asahi Kasei Corporation, signaling the strength of Everactive’s value proposition across a wide array of industries.
The company said that the new funding will be used to accelerate sales, marketing, and product development in the industrial sector, where the company is building a significant customer base for its end-to-end monitoring solutions. The new investors joined existing investors including New Enterprise Associates, which includes former General Electric CEO Jeff Immelt as a Venture Partner and key advisor to its portfolio of industrial companies.
Immelt said, “The industrial sector has eagerly awaited the data explosion promised by IoT solutions, but has been continually let down. By eliminating the need for batteries, Everactive can offer extremely scalable and cost-effective solutions for generating the data streams required to reap the full benefits of IoT. With self-sustaining sensors, retrofitting thousands of pieces of legacy equipment across a plant or refinery becomes a reality.”
End-to-end monitoring solutions target high-volume industrial assets
Everactive’s end-to-end monitoring solutions target high-volume industrial assets that are currently unmonitored or under-monitored precisely because they exist in such high volume.
Most plants are unwilling to place battery-powered sensors on thousands of motors, pumps, compressors, or steam trap. It added that the logistical cost of adding thousands of items to a maintenance list is not only prohibitive, but also defeats the cost-saving purpose of those very sensors.
Marc Tremblay, President of Fluke said, “Remote monitoring capability is rapidly shifting from nice-to-have to absolutely critical. This evolution started with expertise gaps due to retirements and aging systems, but COVID-19 is accelerating this trend because companies must continue to function with fewer employees onsite while maintaining their critical assets.”
Spun out of the University of Michigan and the University of Virginia in 2012, Everactive develops self-powered IoT systems. Using its proprietary ultra-low-power semiconductors, which require 1,000x less power than competing circuits, Everactive’s sensor devices generate enough power from small amounts of “harvested energy” to continuously measure, process, and wirelessly transmit equipment and infrastructure health data from a range of industrial assets.