Smart beverage machine maker Bevi has raised $16.5 million in a series B funding round conducted by Trinity Ventures, with an ongoing support from Horizons Ventures and Tamarisc.
The funding will be used to expand its presence throughout the US, the company said. A part of the funding will be used towards launching their new counter-top beverage dispenser model, and also towards speeding up the development of IoT-enabled technology to enable consumers to customise their beverages at the point of use.
The new model of smart water cooler stores natural flavourings and features a touchscreen interface for customers to create custom drinks and creative concoctions like coconut and peach seltzers. Bevi has also designed a counter-top unit for smaller spaces. Introduction of such new smart technologies will aim to contribute towards making water coolers and bottled and canned beverages obsolete thus furthering Bevi's mission. Workplaces that implemented its offerings have noted a 50% decline in office beverage costs.
Bevi noted a 1000% revenue growth in 2016 and it is foraying in new avenues such as hotels, fitness centres, and schools. It serves many fortune 500 companies such as Apple, Netflix, Fidelity, and GE.
Bevi uses proprietary software and IoT capabilities to track machine performance and collect real-time data on beverage consumption and combines it with a minimalist user experience for thoughtfully customising beverages. Using this data Bevi proactively restocks ingredients, streamlines operations and collects vital analytics around beverage consumption trends.
Patricia Nakache from Trinity Ventures said: "The Bevi value proposition for employers and employees is unbeatable: less expensive, more customisable and better for the environment. They are also precisely on-trend as consumers are demanding healthier food and beverage options as well as better environmental sustainability."
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.