Mnubo has raised $16.5 million in Series B financing, as part of an oversubscribed round, to accelerate the international growth of its SmartObjects™ IoT Analytics and Data Science solution.
The Series B was led by HSB Group, part of Munich Re, is being made in parallel with an HSB strategic commercial partnership with Mnubo. Other investors include White Star Capital which led Mnubo’s Series A in 2015, McRock Capital, and other value-added investors.
In connection with the financing, Matt McElhattan, Investment Director of Munich Re/HSB Ventures, has joined Mnubo board of directors.
Founded in 201, Montreal based Mnubo has built a world-class team of IoT data experts and a full-suite IoT insights platform that is helping companies rapidly transform their connected equipment data into actionable business outcomes. Currently, Mnubo has a global customer base across consumer, commercial and industrial IoT verticals, including top-tier brands, such as Johnson-Controls Hitachi and other leading product manufacturers.
Greg Barats, President and Chief Executive Officer of HSB, said the Mnubo partnership is pivotal to unlocking the business value that companies will derive from their smart equipment. Mnubo’s IoT data expertise and market-leading IoT analytics platform will enable HSB to build tailored financial solutions to improve companies business and/or facilitate new business models.
“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 (AI) and Machine Learning (ML) on IoT equipment datasets,” Barats said. “HSB can help Mnubo’s customers realize meaningful results from their IoT investments.”
According to Dr. Hank Marcy, Vice President of Global Product Development at Johnson Controls – Hitachi Air Conditioning, Inc, a worldwide leader in IoT and strategic customer of Mnubo, “Through our partnership with Mnubo, we are pioneering a data-driven strategy in the HVAC market to improve customer experience, empower our channel partners, and build out new after-market services. Johnson Controls – Hitachi is committed to driving greater customer value through new IoT and AI-enabled innovations. As a data-first company, we are using IoT insights to deliver benefits to all stakeholders in the HVAC value-chain.”
Frederic Bastien, President and CEO of Mnubo, said that this Series B round of financing led by HSB together with our growing pool of global IoT customers strongly affirms Mnubo’s position as an industry leader in IoT Analytics and AI solutions. “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,” states Bastien. “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.”
photo credit: Mnubo