MONTREAL--(BUSINESS WIRE)--mnubo, the Internet of Things (IoT) Data Analytics company, announced today that it has raised a $6 million round of financing to accelerate its IoT data science development and expand the commercialization of its SmartObjects™ analytics service. The Series A round was led by White Star Capital, a transatlantic venture fund operating between London, New York and Montreal, who were joined by McRock Capital, a dedicated Industrial IoT fund.
Over the past year, mnubo has seen an increase of over 400% in the number of connected objects on its platform, and now counts customers across North America, Europe and Asia. These manufacturers are using the SmartObjects™ service to ingest, organize, clean and enrich their sensor data, and integrate the real-time insights and predictions into applications and business processes.
“In 2012, mnubo was a precursor in Analytics built specifically for the IoT. Today, it has become clear to the entire industry that the real business value is about transforming raw sensor data into actionable insights,” mentioned Frederic Bastien, co-founder and CEO at mnubo. “We are extremely pleased to count White Star and McRock as strategic partners. With their vast experience in scaling software companies and their global networks, mnubo is ideally positioned to grab an impressive share of both the Consumer and Industrial IoT markets.”
The Series A funding will be used towards expanding mnubo’s global commercial team, enhancing the user experience and accelerating its ongoing data science and machine learning initiatives. The company plans to hire more talent in Montreal, and abroad, to fuel its product development and commercialization efforts.
"Billions of connected devices are already around us today and tens of billions more will come online soon. While these sensors capture data, a solution like mnubo's is critical to turn such data into business value. From consumer brands to industrial conglomerates, clients are already validating their technology and vision. We are excited to be backing the experienced team at mnubo as they scale their global footprint and customer base," said Jean-Francois Marcoux, General Partner at White Star.
“mnubo has developed a scalable IoT analytics service that is suitable for industrial devices and machines. The unique ability to identify patterns and extract intelligence from equipment’s data is a breakthrough and will drive significant cost savings and operational efficiency,” stated Whitney Rockley, co-founder and Managing Partner at McRock. “Their sophisticated data science will have a profound impact on industrial markets as companies learn from sensor data, understand business outcomes better and ultimately gain huge competitive advantages.”
About mnubo - mnubo makes the IoT smarter. mnubo provides Big Data and Analytics for the IoT - transforming ‘connected things’ into ‘smart objects’. Its focus is to help extract true value from sensor data by delivering advanced real-time analytics, strategic insights, predictions and enabling richer applications. mnubo offers a SaaS solution to connected object manufacturers and other IoT players to ingest, enrich and analyze their object data. mnubo’s services benefit customers in wearables, home, automotive and industrial environments. For more, visit www.mnubo.com
About White Star Capital – WSC is an early-stage venture capital firm that helps exceptional entrepreneurs build great technology companies. With a presence in Europe and North America and a truly global network, WSC invests in talented teams and supports them to scale globally. Our team has a deep operational background having founded, scaled and exited businesses. Other investments include Ludia in Montreal, Betaworks and KeyMe in New York, Dollar Shave Club and Science in Los Angeles, Summly in London and Cryex in Sweden. For more, visit www.whitestarvc.com.
About McRock Capital –McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital fund focused on the intersection of sensors & software in large industrial markets. The McRock Team has a unique background of building high-growth venture-backed IIoT companies while also having worked in the power, water and oil & gas industries. The fund is backed by large institutional investors and Cisco Systems. McRock invests across Canada and the US in grid automation, digital oilfield, advanced manufacturing and smart city markets. For more, visit www.mcrockcapital.com.