Citing evidence from The Economist predicting that the Internet of Things market will grow from £12 billion in 2014 to £26 billion by 2020, Intamac has raised new investment to take advantage of the surge.

Set up in 2001 when it was previously known as Enso, Intamac has developed technology relating to the connecting of physical devices via the internet. Scottish Power, Securitas and TDC are amongst blue chip companies using Intamac technology for devices such as heating controls and washing machines.

Joining existing backers Seraphim Capital and Carbon Trust Investments is YFM Equity Partners. The trio are backing Intamac with £2 million of growth capital, taking its total funding to date up to £14.5 million. YFM has been involved with the company since 2010.

More on YFM Equity Partners in 2014:

• MBO for Intelligent Office UK backed by YFM
• YFM supports MBO for industrial business with growth aspirations

Intamac chief executive David Perez says, ‘Our Internet of Things technology is enabling large manufacturers with trusted consumer brands to connect their products securely and efficiently to the internet making these “smarter” and more desirable for consumers.

‘This additional funding allows us to rapidly scale our business and meet the demand we are now experiencing.’

Shortly before closing the £2 million deal, Intamac signed a deal with home safety products supplier Sprue Aegis to provide technology services. Under the partnership, Sprue will launch an internet connectivity service for its FireAngel Wi-Safe II range of wireless safety products, known as ‘Connect Safe Home’, which will allows users to remotely monitor the status of wirelessly connected home safety products from a smartphone, PC or tablet using apps designed by Intamac.

Prior funding rounds for Intamac saw the business close two rounds in 2010, worth £2 million and £4 million, and another in 2011 when YFM first became an investor.

David Bell, director at YFM Equity Partners, comments, ‘We are delighted to support David and the Intamac team who have recently seen a rapid growth in sales prospects for their innovative Enso platform.

‘The Internet of Things concept is being embraced by consumers with a wide range of new products coming to market, including cameras, heating controls, fire alarms and even fridge’s and washing machines.’