• Electric Imp

  Participated · Series B · Aug 2014

  Electric Imp offers a secure IoT platform that connects devices to advanced cloud computing resources, combining integrated hardware, an operating system, security, APIs and cloud services. The platform is designed to decrease time and cost to market while providing security, scalability and flexibility for commercial and industrial applications. In 2014 the company proved its scalable platform in the consumer market and partnered with Murata to design hardware modules; in 2015 it launched enterprise cloud offerings to support company-wide IoT strategies. Electric Imp targets commercial and industrial customers across energy and resource management, health and fitness, industrial light equipment and HVAC systems, and cites Pitney Bowes among its customers. Management says the company will use new funding to accelerate growth, development, and global adoption of its platform and to expand its enterprise services and ecosystem of IoT partners. The additional capital brings total funds raised to $43 million, supporting continued deployments and global expansion. Electric Imp provides a wireless module and cloud-based backend platform that enables devices to connect and be controlled remotely. Its chips are embedded in about half a million connected devices worldwide. The company works with hardware partners such as Murata, which designed an integrated Imp module roughly one-tenth the size of its first-generation unit and will sell the module to hardware developers. Strategic relationships with Foxconn and partnerships with GE and Quirky are intended to drive adoption in white goods and consumer markets. Electric Imp also targets enterprise and industrial use cases; Bonded Energy Solutions used Imp technology to cut energy usage in six residential buildings by at least 15 percent. CEO Hugo Fiennes has reinvested personal proceeds from the Nest sale to Google, supporting the company alongside outside funding. Electric Imp builds a tiny, removable hardware module called the Imp that contains Wi‑Fi and an embedded processor, plus a backend service that connects and manages devices. The Imp can be programmed to control or measure devices and is designed to let manufacturers add connectivity via a simple slot rather than integrating radios and processors into each product. The company plans to sell Imps to consumers for about $25 each and charge a small monthly subscription (founders mentioned a fee “less than the cost of a latte” for up to 20 Imps in one home). Electric Imp also pitches hardware vendors that adding an Imp slot will cost them less than a dollar while enabling new applications and remote updates. The Los Altos–based startup demoed use cases such as remote lighting control, energy scheduling, moisture monitoring, and motion alerts, and will ship a developer preview bundle in late June. It had seven employees at the time of the article and is looking to expand to about 20 within six months.

No current team members are available.