Mnubo has announced a new round of funding.
The Montreal-based AI and IoT company raised an oversubscribed $16.5 million Series B round. The investment was led by HSB Group, which is part of Munich Re. Other investors include White Star Capital and McRock Capital.
The new funding will help Mnubo accelerate and scale the international growth of their SmartObjects IoT analytics and data science solution that helps equipment manufacturers and service providers advance their data monetization strategy.
Founded in 2012, Mnubo boasts a full-suite IoT insights platform that can help companies completely reinvent their data from connected equipment and turn it into actionable insights. The company works with big brands and product manufacturers such as Johnson-Controls Hitachi, a multi-billion dollar entity.
“We are spearheading the transformation of the IoT landscape by enabling a data-driven versus a connectivity-driven business model,” said Frederic Bastien, CEO of Mnubo. “Companies must focus on business outcomes through IoT insights in order to stand-out in a crowded and confusing market.”
The investment is also being made in parallel with a strategic commercial partnership between HSB and Mnubo. The two will collaborate to bring risk-management and ROI-enablement financial products to market for Mnubo’s customers making IoT-related investments.
“HSB has 150 years of experience in insuring commercial and industrial equipment,” said Bastien. “This alliance with Mnubo enables the next-generation of IoT manufacturers and enterprises to benefit from a portfolio of IoT-based, data-driven financial products to accelerate RoI by enabling IoT data monetization.”
Many companies are looking to get more out of their smart equipment, and as connected equipment becomes more readily available and powerful, it will seep into every corner of industry. Mnubo, along with HSB, will look to unlock the most value from these pieces of smart equipment.
HSB is a newcomer for Mnubo and their role as the lead investor is telling into how much they believe in Mnubo. White Star and McRock, the other investors, were the ones who led Mnubo’s Series A back in 2015. The funding allowed the company to expand its team and reach new markets and opportunities like the one with HSB.