British startup Evrythng raises $7 million

By Staff Reporter

May 01, 2014 08:18 AM EDT

British startup Evrythng has raised $7 million from investor Cisco. The networking leader in the United States has led the Series A investment in both cash and in-kind.

Evrythng aims to give everything in the world a unique URL. The company has been looking to change the retail industry in Britain with its ambitious plan.

According to the startup’s CEO and co-founder Niall Murphy, "The internet of things will affect every aspect of business operations and customer experience. The investment allows us to accelerate our mission to connect every individual product to the web with its own intelligent online identity, working with global product manufacturer and retail brands."

Previously, Cisco has projected that the startup would soon contain 50 billion “things” by year 2020. This would lead Evrythng to a market value of $19 trillion.

According to the company’s UK head Phil Smith, "The internet of everything provides the platform from which an ever-increasing number of connections will ‘wake-up’ the world around us.”

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