Evrythng, an NYC-based startup that uses the internet of things to give items their own trackable, digital identity, announced Tuesday it closed on a $10 million funding round, bringing its total capital raised to $60 million.
In short, Evrythng aims to help companies automate their supply chains, allowing them to track their individual products with things like QR codes or radio-frequency identification tags. These digital links are able to track an item’s origin, current location in the supply chain, purchase history, and data trends.
They can also be a useful way for companies to communicate with their customers. For instance, Mowi, one of the world’s largest salmon producers, lets consumers scan a code to learn about where the fish comes from and how it is raised. Coca-Cola uses Evrything to transform the billions of cans of coke it distributes into little media channels, creating a new kind of direct-to-consumer relationship.
Lately, Evrythng has become even more useful. The pandemic has completely debilitated global supply chains (remember the toilet paper shortage?) and led to an onslaught of fake goods on sites like eBay and Amazon. CEO and co-founder Niall Murphy says the company can help with that.
“COVID-19 has made supply chain transparency and visibility absolutely crucial, not only in retail categories such as apparel, pharma and consumer goods, but in healthcare, government and other sectors as well,” Murphy said in a statement. “We’re seeing significant digital acceleration as global brands apply data intelligence and real-time learning from the billions of data points their products generate throughout their supply chain journey — from factory to consumer to resale to recycle — and we’re accelerating our own growth to meet these companies’ needs.”
Indeed, when Built In last caught up with Evrythng back in March, co-founder and CTO Dominique Guinard said the company counts 1.4 million transactions a minute and that demand for the tech is growing “very, very fast.” Since then, the company has launched various strategic partnerships with companies around the world — including HP Inc., which will use Evrythng’s tech to allow customers to use its industrial digital printers to print “born digital” packaging with “cloud-connected digital identities.”
Now, with $10 million of fresh funding in its pocket, Evrythng plans to continue its global expansion, further innovate its product offerings and grow its team.
