Everactive raises $16M for wireless IoT sensor technology

Everactive, a technology company that sells batteryless, wireless Internet of Things (IoT) solutions, has raised an additional $16 million in a strategic funding round, bringing its total Series C investments to over $50 million.

3M, Ericsson and Armstrong International, a thermal utilities company, have all invested in Everactive.

The investment deepens an existing relationship with 3M to improve the efficiency of the company’s manufacturing operations through Everactive’s monitoring solutions. Ericsson’s investment is to see wireless technologies developed for further strengthening the support of IoT use cases using mobile communication infrastructure. Armstrong plans to expand existing partnership with Everactive to make steam systems smarter.

“We will leverage the funding to grow an ecosystem through which Everactive’s technology will enable a wide array of high-value, high-volume solutions across industries including manufacturing, food and beverage, CPG, pharmaceutical and biotechnology, petrochemical, oil and gas and more,” says Bob Nunn, CEO at Everactive, in a statement.

Over the past 12 months, Everactive grew its recurring revenue by 400 per cent, while nearly doubling its team size as interest in large-scale remote monitoring increased throughout the COVID-19 pandemic.

Everactive’s proprietary ultra-low-power technology is the foundation for completely batteryless and wireless IoT solutions. Requiring up to 1,000 times less power than many other solutions, Everactive’s real-time asset monitoring solutions operate entirely, and continuously, from low levels of “harvested energy.”

Since the sensors don’t require battery maintenance, they can be deployed at a scale not possible with batteries in order to generate massive new data sets.

Everactive’s steam trap monitoring solution helps reduce steam loss and associated energy and emissions waste. Its machine health monitoring system enables remote condition monitoring to help reduce downtime, improve efficiency and extend asset life. Clients include Anheuser-Busch In-Bev, Colgate-Palmolive, Hershey’s and Merck.