Montreal-based mnubo has raised $16.5 million as it looks to continue international expansion.
mnubo’s SmartObjects IoT platform is targeted to manufacturers, and analyzes data collected from sensors on smart devices to provide insight about the way people are using their products. The company collects data like preventive maintenance, the positions of faults, information on the users, and overall performance.
“We are spearheading the transformation of the IoT landscape by enabling a data-driven versus a connectivity-driven business model. Companies must focus on business outcomes through IoT insights in order to stand-out in a crowded and confusing market,” said Frederic Bastien, president and CEO of mnubo. “HSB has 150 years of experience in insuring commercial and industrial equipment; 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.”
The investment was led by Munich Re’s HSB Group, which is also engaging in a strategic commercial partnership with the company. The two will collaborate on developing financial products focused on risk management and ROI-enablement for mnubo’s customers making IoT investments. White Star Capital and McRock Capital also participated in the round.
“We’re thrilled about this strategic partnership with mnubo to bring to market a suite of financial
and insurance-related products based on artificial intelligence and machine learning (ML)
on IoT equipment datasets,” said Greg Barats, president and CEO of HSB Group.