As IoT-connected devices are projected to triple to 38 billion units by 2020, investors are keen to ensure that they don’t miss out on the opportunity. And one Toronto-based company is cashing in.
Toronto-based IoT provider MMB Networks announced that is has closed a $7 million Series B in a round led by Roadmap Capital, with participation from previous investors Arctern Ventures and VentureLink Funds. NXP Semiconductor joined as a strategic investor, and also entered into an agreement with MMB to co-develop a suite of NXP silicon-based IoT hardware products powered by MMB’s platform, called RapidConnect.
“This new round of equity funding comes at a point of exponential growth for both MMB and the Internet of Things,” said Tim Angus, CEO of MMB Networks. “The support from Roadmap Capital and our new partnership with NXP will help us rapidly expand our customer base, product portfolio, and global presence.”
MMB Networks enables consumer electronics manufacturers to add smart, connected layers to their products, and provides a line of hardware and software products built around RapidConnect. The company said that RapidConnect’s drop-in embedded software platform dramatically reduces time-to-market for connected device vendors, automating networking, and providing out-of-the-box interoperability across multiple popular IoT platforms and protocols.
“MMB addresses two key bottlenecks for the wide adoption of IoT devices: interoperability and speed to market. We believe that MMB has the know-how and the right approach for their software and platforms to be broadly integrated into the IoT ecosystem,” said Imed Zine, partner at Roadmap Capital.
