Fluke has added to $30m of series C capital raised by University of Michigan and Virginia-founded Everactive last year.

Everactive, a US-based battery-less industrial sensor developer based on research at the universities of Michigan and Virginia, obtained additional series C funding yesterday from electronic and biomedical equipment supplier Fluke.
The round has a $35m target. Everactive received an initial $30m in June 2019 from investors including spinout-focused investment firm Osage University Partners (OUP) and ABB Technology Ventures, a unit of power and automation technology producer ABB.
The first tranche was led by Australian sovereign wealth fund Future Fund and also included Blue Bear Capital and New Enterprise Associates (NEA).
Founded in 2012 as PsiKick, Everactive produces industrial internet-of-things (IIoT) sensors with energy-efficient semiconductors billed as consuming less power than existing technologies.
The low energy profile means Everactive’s sensors can run from power generated within its circuits, enabling continuous evaluation of a range of industrial assets.
Traditional IIoT sensors require batteries to be changed and maintained, a considerable overhead for larger factories where more sensor inputs are needed.
The series C round had been allocated to technology development and meeting rising demand for its product.
Marc Tremblay, president at Fluke, will join the Everactive board of directors. Fluke is a subsidiary of industrial technology and equipment group Fortive.
Tremblay said: “Everactive’s breakthrough technology enables the ability to scale beyond anything we have previously seen in the industrial internet-of-things industry.
“We look forward to working with the Everactive team to define new industrial monitoring solutions that unlock a superior value proposition for our customers,”
Everactive secured $7.2m in series B1 funding from unnamed investors in 2017, having  raised $16.5m in a 2015 series B round led by OUP that featured University of Michigan’s Investment in New Technologies Fund (Mints) as well as NEA and assorted angel investors.
NEA had previously led a series A of undisclosed size for the spinout in 2014 with contributions from OUP and Mints.