Montreal-based Mnubo, a leading internet of things (IoT), data analytics and artificial intelligence (AI) startup, has announced that it has secured $16.5mn in a recent funding round.
The financing will be used to accelerate the growth and marketing of Mnubo’s SmartObjects, a solution that looks to help global manufacturers and service providers to enhance their data monetization strategies, unlocking the true business value that will come from the use of smart equipment.
“We are spearheading the transformation of the IoT landscape by enabling a data-driven versus a connectivity-driven business model,” said Frederic Bastien, President and CEO of Mnubo. “Companies must focus on business outcomes through IoT insights in order to stand-out in a crowded and confusing market.”
The investment was led by German insurance giant Munich Re and its subsidiary, HSB Group, with the company furthering its existing strategic commercial partnership with Mnubo.
The firms have already been working together to develop and deploy financial products that provide risk management and return on investment (ROI) for the firm’s customers who are looking to invest into IoT.
“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,” said Greg Barats, President and Chief Executive Officer, HSB. "HSB can help Mnubo’s customers realize meaningful results from their IoT investments.”
HSB and Munich Re ventures will now join Mnubo’s existing investors, including Cisco Systems and Caterpillar.