iDevices Closes $4.25 Million Funding Round To Support Company Growth
Avon, CT, Feb. 07, 2014 – iDevices, a leading consumer product development and consulting company in the Bluetooth® and Wi-Fi™ connected market, today announced that it has raised $4.25 million in venture capital funding, in a round led by Connecticut Innovations and Stonehenge Capital.
Connecticut Innovations, an organization that helps Connecticut businesses grow through creative financing and strategic assistance, and the sixth most active early stage investor nationwide, invested $1.5 million dollars through the Eli Whitney Equity Fund, following an initial investment of $150,000 in 2011.
Stonehenge Capital, a venture capital firm that supports companies and entrepreneurs with a long-term vision of pursuing new, exciting and highgrowth opportunities, also invested $1.5 million. The remaining $1.25 million was an investment by various angel investors.
“The Internet of Things is experiencing unprecedented growth, which has allowed iDevices to expand our product lines and strengthen our brand and retail relationships,” said Chris Allen, Chief Executive Officer of iDevices. “This injection of capital will allow us to effectively scale our business and continue to harness the technology that is changing consumer behavior and interactions, and will ultimately affect our everyday lives.”
iDevices will use the capital for inventory to meet the demand of retailers as well as supporting nearly 20 new hires in 2014. In addition, it will be used to expand iDevices’ office space to include a new café, The Byte, which will serve breakfast and lunch to staff and house two additional conference centers.
About iDevices, LLC:
iDevices began its journey with the conception and development of the iGrill®, one of the first app-enabled devices, following with the launch of the popular iShower® waterresistant Bluetooth® speaker. Following these successful launches, iDevices emerged as a premier development and consulting company for the app-enabled market. iDevices has integrated all required resources in-house to create and launch appenabled products, both independently and with partner companies. For more information, see www.idevicesinc.com.