Research firm IDC Canada recently forecasted that the Canadian Internet of Things (IoT) market will be worth over $6.5 billion by 2018. Montreal-based IoT analytics company Mnubo is quickly making sense of all the data and has announced it has raised $6 million. The Series A investment led by White Star Capital and also saw participation from McRock Capital.
Frederic Bastien, co-founder and CEO at mnubo, said, “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. 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”.
Mnubo, who has seen a dramatic increase of over 400% in the number of connected devices on its platform, will use the funds to accelerate its IoT data science development and expand the commercialization of its SmartObjects analytics service, which assists companies to better understand their data to help them improve their business operations.
Whitney Rockley, co-founder and Managing Partner at McRock Capital, stated, “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. 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.”