MNubo raises $6m funding to expand IoT data analytics service
May 20, 2015
MNubo, a Canada-based IoT data analytics start-up, has raised a US$6m round of financing to accelerate its IoT data science development and expand the commercialisation 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, and was joined by McRock Capital, a dedicated industrial IoT fund.
Over the past year, MNubo has seen an increase of over 400 per cent in the number of connected objects on its platform, and now has customers across North America, Europe and Asia. These manufacturers are using the SmartObjects service to ingest, organise, 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,” said Frederic Bastien, co-founder and CEO at MNubo. “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.”
The series A funding will be used towards expanding the company’s global commercial team, enhancing the user experience and accelerating its on-going data science and machine learning initiatives. The company plans to hire more staff in Montreal and abroad to fuel its product development and commercialisation efforts.
"Billions of connected devices are already around us today and tens of billions more will come online soon," said Jean-Francois Marcoux, general partner at White Star. “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.”
MNubo aims to make the IoT smarter by provides big data and analytics for the IoT, transforming connected things into smart objects. Its focus is to help extract value from sensor data by delivering real-time analytics, strategic insights, predictions and enabling richer applications. The company provides SaaS to connected object manufacturers and other IoT players to ingest, enrich and analyse their object data.
“MNubo has developed a scalable IoT analytics service that is suitable for industrial devices and machines,” said Whitney Rockley, co-founder and managing partner at McRock. “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.”