Munich Re’s HSB Ventures led a $16.5 million venture financing for Mnubo, an Internet of Things (IoT), data analytics and artificial intelligence (AI) startup, which is seeking to expand internationally.
Founded in 2012 and headquartered in Montreal, Canada, Mnubo said it plans to use the funding to help connected product manufacturers and service providers advance “their data monetization strategy.”
The investment is being made in parallel with an HSB strategic commercial partnership with Mnubo, in which both companies will collaborate to bring to market financial products that provide risk management and enable Mnubo’s customers to achieve positive bottom line results from their IoT investments.
“The Mnubo partnership is pivotal to unlocking the business value that companies will derive from their smart equipment,” said Greg Barats, president and CEO of HSB, in a statement. “Mnubo’s IoT data expertise and market-leading IoT analytics platform will enable HSB to build tailored financial solutions to improve companies business and/or facilitate new business models.”
The strategic partnership with Mnubo will help bring to market a suite of financial and insurance-related products based on AI intelligence and machine learning on IoT equipment datasets, Barats added. “HSB can help Mnubo’s customers realize meaningful results from their IoT investments.”
“HSB has 150 years of experience in insuring commercial and industrial equipment,” said Frederic Bastien, Mnubo’s president and CEO. He noted that HSB’s 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 their return on investment “by enabling IoT data monetization.”
In addition to Munich Re/HSB Ventures, the $16.5 million investment in Mnubo includes participation by its existing investors: White Star Capital, a venture fund operating in New York, Montreal and Paris, which led Mnubo’s Series A in 2015, and McRock Capital, the industrial IoT venture capital fund backed by companies such as Cisco Systems and Caterpillar.
Source: Mnubo and Munich Re/HSB Ventures
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