University of Virginia-founded batteryless industrial IoT monitor developer Everactive was previously known as PsiKick, and has now raised a total of $63m in equity funding.
Everactive, a US-based batteryless industrial internet-of-things device spinout of University of Virginia, has closed a $30m round backed by spinout-focused investment firm Osage University Partners.
Future Fund, Australia’s sovereign wealth fund, led the round, which also featured ABB Technology Ventures, the corporate venturing arm of industrial group ABB, as well as Blue Bear Capital and 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 insights.
The devices are intended to support a transition towards the internet-of-things (IoT), which is hampered by difficulties with battery replacement, and thus 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.
Everactive was established in 2012 as PsiKick and rebranded as part of the latest round. Its 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.
The spinout has now raised $63m altogether, it said. NEA led a series A round of undisclosed size in 2014 that featured Osage University Partners and University of Michigan’s venture fund Mints.
Mints, Osage University Partners and NEA subsequently joined assorted angel investors for a $16.5m series B round in 2015.
