iDevices has raised $4.25 million in venture capital funding. Several investors led the round including Connecticut Innovations, Stonehenge Capital and angel investors. iDevices is a consumer product development and consulting company.
iDevices, a leading consumer product development and consulting company in the Bluetooth and Wi-Fi connected market, announced today that they have raised $4.25 million in venture capital funding. Several investors led the round including Connecticut Innovations (CI), Stonehenge Capital and angel investors.
Connecticut Innovations, a state company responsible for helping businesses grows through innovative financing and strategic assistance, invests in iDevices for a second time following a $150,000 investment in 2011. Through the Eli Whitney Equity Fund, their flagship early-stage investing program, CI has brought $1.5 million in funding to iDevices.
Another $1.5 million investment comes from Stonehenge Capital who supports companies with a long-term vision focused on pursuing new, exciting and high growth opportunities and entrepreneurs with a passion for innovation and achievement. The remaining $1.25 million in funding is comprised of investments made by various angel investors.
“The growth in this connected space is unbelievable and it’s truly allowing iDevices to expand its product line and strengthen its 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.”
The capital will primarily be allocated to inventory needed for iDevices’ many retailers as well as supporting about 20 new hires in 2014. In addition, it will be used to expand the iDevices office to include a new café, The Byte, which will serve breakfast and lunch to staff and house two additional conference centers, Alpha and Beta.
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® water-resistant 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 app-enabled products, both independently and with partner companies.