University of Michigan and Virginia-founded Everactive has reached its series C target after three tranches.
Everactive, a US-based manufacturer of batteryless industrial sensors based on research at the universities of Michigan and Virginia, has completed a $35m series C round led by industrial maintenance and measurement equipment supplier Fluke Corporation.
The round included TOP Ventures and Asahi Kasei Ventures, the corporate venturing arms of oil refinery operator Thaioil and chemicals and materials producer Asahi Kasei respectively, as well as New Enterprise Associates (NEA), 40 North Ventures and undisclosed additional investors.
Fluke contributed to the round in September 2020, following a $30m first tranche in June featuring Osage University Partners (OUP).
ABB Technology Ventures, a subsidiary of power and automation technology manufacturer ABB, as well as NEA, Future Fund and Blue Bear Capital also took part in the initial close.
Founded in 2012 as Psikick, Everactive produces self-powered industrial sensors that harvest thermal and light-derived energy from a customer’s factory or industrial plant to run without batteries.
The series C funding will support product development, sales and marketing.
Everactive had raised at least $5.2m in a series A round in 2014 backed by OUP, University of Michigan’s Investment in New Technologies (Mints) Fund, NEA and assorted angel investors.
OUP returned to lead the company’s $16.5m series B round in 2015 with participation from Mints Fund, NEA and assorted individuals, before adding $7.2m in series B1 funding from unnamed backers in 2017.