Future Fund backs tech startup

Australia's $154 billion sovereign wealth fund has invested in a technology company looking to deploy its products in the industrial sector.

California's Everactive raised $30 million in a recent funding round, of which Future Fund was the lead investor. Other investors include Blue Bear Capital, ABB Technology Ventures, New Enterprise Associates (NEA) and Osage University Partners.

The company produces internet of things (IoT) systems which use wireless sensors instead of batteries.

It is initially targeting industrial applications, where it says collecting and analyzing data on physical equipment and infrastructure can have a measureable impact in reducing downtime, cut maintenance costs, improving safety and environmental impact.

ABB head of technology ventures Grant Allen said: "We have long been aware of the value of wireless sensing for condition monitoring and predictive maintenance but, in many environments, the logistics and economics of battery-powered sensors have not made sense."

"Everactive opens up a range of possibilities for truly maintenance-free sensing at broad scale and ABB is excited to deepen our partnership and introduce Everactive's monitoring solutions to our customers."

Future Fund returned 5% over the quarter to March end, taking its decade-long performance to 10.4% - 3.9% better than its set target.

It had $154.4 billion in at March end.

Read more: EveractiveFuture FundBlue Bear CapitalGrant AllenNew Enterprise AssociatesOsage University Partners
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