Israel-based internet of things (IoT) control software developer mPrest Networks secured $20m on Monday in a series A round co-led by GE Ventures, General Electric’s corporate venturing unit, and crowdfunding platform OurCrowd.
Founded in 2003, mPrest’s monitoring and control software platform enables organisations using IoT products, particularly those in the defence, security, utilities, fleet management and internet industries, to connect any sensor at any time while also receiving real-time situational information.
Jonathan Pulitzer, managing director of GE Ventures, said: “mPrest has created a scalable software platform for smart asset management that has great industrial applications. We look forward to potentially partnering with mPrest and exploring applications of their technology for GE.”
Natan Barak, mPrest’s founder and CEO, said: “The enormous promise of the IoT relies on smoothly integrating disparate systems, sensors and disciplines while managing the exponential growth of connected devices.
“We built mPrest’s product-based platform to empower industrial and commercial organisations to autonomously adapt to these changes to strengthen performance and drive operational efficiency and cost reductions.”