Canada-based internet-of-things (IoT) analytics platform developer Mnubo has raised C$16.5m ($13.4m) in a series B round led by HSB Group, a subsidiary of reinsurance group Munich Re.
Venture capital funds McRock Capital and White Star Capital also participated in the oversubscribed round, along with undisclosed additional investors. The two had previously supplied Mnubo with approximately $5m of series A funding in 2015.
Founded in 2012, Mnubo has built a software package called SmartObjects that offers insights from data aggregated from IoT products and services, using a combination of data analytics, machine learning and artificial intelligence to assess how the devices are performing.
The cash will be used to support global growth. Mnubo has agreed a strategic partnership with HSB that will involve the companies working together on financial and insurance products that utilise AI and machine learning from IoT datasets.
Frederic Bastien, president and CEO of Mnubo, said: “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 [return on investment] by enabling IoT data monetisation.”