Connecticut Innovations Invests $1.5 Million in iDevices® LLC
Rocky Hill, CT (PRWEB) January 28, 2014 -- Connecticut Innovations (CI), the state’s quasi-public authority responsible for helping businesses grow through innovative financing and strategic assistance, today announced that it has invested $1.5 million in iDevices LLC, a global leader in app-enablement solutions, through the Eli Whitney Equity Fund.
The $4.25 million round, which included a $1.5 million investment from Stonehenge Capital and a $1.25 million investment from angel investors, provides iDevices with working capital to scale the business, increase inventory, introduce new products and explore new sales channels.
“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, CEO 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.”
Located in Avon, Conn., iDevices specializes in developing devices that connect wirelessly to smart phones, tablets and computers by leveraging Bluetooth® and Wi-Fi technology. In 2011, CI invested $150,000 in iDevices to help support the launch of its product, the iGrill. Since the iGrill, the company has also marketed and sold the iShower, iGrillmini and the Kitchen Thermometer, all utilizing Bluetooth® technology.
“The technology that iDevices is embracing allows consumers to simplify their lives and save time in ways that have not been possible until now,” said Chris Penner, director of investments at CI. “This financing will help the company to grow strategically, advise established consumer brands on how to enhance their products with app-enabling and Bluetooth® technology, and continue to introduce products that keep up with consumer demand.”
In addition to creating a custom module and software stack for the Broadcom Bluetooth® Smart chip, iDevices has also launched a number of smart products. These products, which include the iGrill, iGrillmini, iShower and Kitchen Thermometer, can be found at Apple, Best Buy, Verizon, AT&T, Amazon, Crate & Barrel, Lowe’s and The Sharper Image.
The Eli Whitney Equity Fund is CI’s flagship early-stage investing program. Since 1995, CI has invested more than $100 million in Connecticut’s fastest-growing technology companies through the fund. More than money, the fund offers advice, support and introductions to CI’s network of mentors, investors and others who help high-tech startups succeed.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit http://www.ctinnovations.com.
About iDevices LLC
iDevices LLC, located in Avon, Conn., develops app-enabled products that incorporate wireless connectivity to the Apple and Android platforms. In 2010, iDevices successfully developed and launched the iGrill, a Bluetooth-enabled cooking thermometer. The iGrill and Kitchen Thermometer family of products connect to your iPhone, iPad or iPod touch (soon Android) via a long-range Bluetooth Smart connection. The user can then monitor the temperature of what they are cooking using the free iDevices Connected app. iDevices is currently developing a variety of new products for its own product line and is working in conjunction with other companies through its iDevices Consulting division. All of these products incorporate Wi-Fi and Bluetooth connectivity to the Apple and Android platforms.
Partner with the company that is connecting your world. http://www.idevicesinc.com.
Lauren Carmody, Connecticut Innovations, http://www.ctinnovations.com, +1 860-258-7829, [email protected]
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