Australian sovereign wealth fund Future Fund has led a $30 million financing round in U.S. end-to-end internet of things (IoT) data services firm Everactive.

New backers, Blue Bear Capital and ABB Technology Ventures, existing backers, New Enterprise Associates and Osage University Partners, also joined the round of funding.

Everactive, which has raised $63 million in over five funding rounds, plans to use the new capital to grow batteryless solutions for industrial IoT.

Additionally, the firm will also use the new funds to meet the growing customer demand for its existing and future products.