Electric Imp has raised $15 million in Series B funding from a group of strategic investors that include consumer electronics manufacturing giant Foxconn, along with PTI Ventures and Rampart Capital. The new funding comes on top of about $8 million that Electric Imp raised two years ago from Redpoint Ventures and Lowercase Capital.
In addition to its other investors, founder and CEO Hugo Fiennes put some more of his own money in during this round, thanks to a windfall that he received from the sale of Nest to Google. Fiennes, you see, was one of the early team members there before deciding to strike out on his own and build Electric Imp.
“I found myself flush with Google cash after the Nest acquisition. I’m slightly sad that I didn’t stay because then I’d never have to work again,” Fiennes told me. That said, he sees a much larger opportunity for Electric Imp. “Personally I believe the market Imp is addressing is huger than what Nest could address,” he said.