New Zealand-based energy and telecommunications utility Vector has invested $10m in mPrest, an Israel-based developer of control software for the internet of things (IoT).
Vector has acquired a minority stake and the option to increase its position, according to Reuters, which also reported that defence technology provider Rafael Advanced Defence Systems is mPrest’s largest shareholder, with a 50% stake.
Founded in 2003, mPrest has developed a platform to monitor and control IoT products using real-time situational information. It has a diverse range of uses from managing electricity grids to Israel’s Iron Dome missile defence system.
Vector was an mPrest customer before investing, and will distribute its software throughout Oceania as part of the deal. The platform is also used by customers in the security, fleet management and internet industries.
The company previously secured $20m in a January 2016 series A round backed by OurCrowd and GE Ventures, the corporate venturing unit of conglomerate General Electric. Its other investors include energy provider Israel Electric Corporation and private equity firm Angeleno Group.