New investment accelerates global expansion of IoT data solutions and brings AI-driven financial products to the connected equipment market in partnership with HSB

 

Montreal, January 30, 2018 – Mnubo, a leading Internet of Things (IoT) Data Analytics and  Artificial Intelligence (AI) company, today announced that it has raised $16.5 million in Series B  financing, as part of an oversubscribed round, to accelerate the international growth of its  SmartObjects™ IoT Analytics and Data Science solution that helps worldwide equipment manufacturers and service providers advance their data monetization strategy. 

Founded in 2012 and headquartered in Montreal, Canada – Mnubo has built a world-class team  of IoT data experts and a full-suite IoT insights platform that is helping companies rapidly  transform their connected equipment data into actionable business outcomes. Currently, Mnubo  has a global customer base across consumer, commercial and industrial IoT verticals, including  top-tier brands, such as Johnson-Controls Hitachi and other leading product manufacturers.  

The investment led by HSB Group, part of Munich Re, 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 ROI-enablement for Mnubo’s  customers making IoT investments.  

Greg Barats, President and Chief Executive Officer of HSB, said the Mnubo partnership is  pivotal to unlocking the business value that companies will derive from their smart equipment.  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. 

“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,” Barats said. “HSB can help Mnubo’s customers realize meaningful  results from their IoT investments.” 

According to Dr. Hank Marcy, Vice President of Global Product Development at Johnson  Controls – Hitachi Air Conditioning, Inc, a worldwide leader in IoT and strategic customer of  Mnubo, “Through our partnership with Mnubo, we are pioneering a data-driven strategy in the  HVAC market to improve customer experience, empower our channel partners, and build out  new after-market services. Johnson Controls – Hitachi is committed to driving greater customer  value through new IoT and AI-enabled innovations. As a data-first company, we are using IoT  insights to deliver benefits to all stakeholders in the HVAC value-chain.”

Frederic Bastien, President and CEO of Mnubo, said that this Series B round of financing led by  HSB together with our growing pool of global IoT customers strongly affirms Mnubo’s position  as an industry leader in IoT Analytics and AI solutions. “We are spearheading the transformation  of the IoT landscape by enabling a data-driven versus a connectivity-driven business model.  Companies must focus on business outcomes through IoT insights in order to stand-out in a  crowded and confusing market,” states Bastien. “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 RoI 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 transatlantic venture fund operating  between London, New York, Montreal and Paris, who led Mnubo’s Series A in 2015, and  McRock Capital, the leading Industrial IoT (IIoT) VC fund backed by companies like Cisco  Systems and Caterpillar, as well as other value-added investors. 

Media Relations, Mnubo, Jennifer Sewell 

Phone: +1 (514) 591-4665 

Email: jsewell@mnubo.com 

Media Relations, HSB, Dennis Milewski 

Tel.: +1 (860) 722-5567 

Email: denis_milewski@hsb.com 

About Mnubo 

Founded in 2012 and headquartered in Montreal, Canada – Mnubo is an Internet of Things  company, providing data analytics, machine learning and artificial intelligence solutions to  connected product manufacturers and service providers. Mnubo delivers business outcomes  from IoT data through its SaaS solution with out-of-the-box IoT insights and advanced IoT data  science. For more, visit www.mnubo.com 

About HSB 

Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a  leading specialty insurer providing equipment breakdown, other specialty coverages, inspection  services and engineering-based risk management that set the standard for excellence  worldwide. We focus on clients and partner with them to craft inventive insurance and service  solutions to cover existing and emerging risks posed by technological change. Today, as  throughout our 150 year history, our mission is to use our engineering knowledge and insights  to help clients prevent loss, advance sustainable use of energy resources and build deeper  relationships that benefit business, industry, public institutions and consumers. HSB holds A.M.  Best Company’s highest financial rating, A++ (Superior). For more information, visit  www.hsb.com and connect on LinkedIn, Twitter and Facebook. 

About Munich Re

Munich Re stands for exceptional solution-based expertise, consistent risk management,  financial stability and client proximity. This is how Munich Re creates value for clients,  shareholders and staff. In the financial year 2016, the Group – which combines primary  insurance and reinsurance under one roof – achieved a profit of €2.6bn. It operates in all lines of  insurance, with over 43,000 employees throughout the world. With premium income of around  €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients  require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary  insurance operations are concentrated mainly in ERGO, one of the leading insurance groups in  Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a  comprehensive range of insurances, provision products and services. In 2016, ERGO posted  premium income of €16.0bn. Munich Re’s global investments (excluding insurance-related  investments) amounting to €219bn are managed by MEAG, which also makes its competence  available to private and institutional investors outside the Group. 

********

Toronto, Ontario–(July 11 2017) – McRock Capital, a leading venture capital fund manager focused  exclusively on the Industrial Internet of Things (IIoT), announced today that it has co-led an €8.3 million  Series B financing in Barcelona-based Worldsensing alongside ETF Partners and existing investor Cisco  Investments. As part of the financing, McRock Co-founder Scott MacDonald has joined Worldsensing’s  Board of Directors.  

Worldsensing, a global leader in smart cities and IIoT solutions, already works with over 200 customers  across 50 countries connecting systems, people and infrastructure. This enables real-time decision making, helping optimise city traffic flow, monitor critical infrastructure projects & assets and deliver  insights in mining operations.  

“Cities around the world, such as Casablanca, Guadalajara and Toronto, have turned to Worldsensing to  provide up-to-the-minute intelligence on all aspects of a city’s operations from traffic optimization, HOV  lane management, parking availability to police force utilization and security monitoring” said Scott  MacDonald, Co-founder and Managing Partner of McRock Capital. “This financing is also McRock’s first  co-investment with our partner Cisco Investments and is strategic given Cisco Systems activities in IoT and  smart cities.” 

“The addition of McRock to our investor group provides us access to one of the only dedicated venture  capital teams focused exclusively on the Industrial IoT,” said Ignasi Vilajosana, CEO at Worldsensing. “Their  corporate network and sector knowledge will be incredibly valuable as we continue to aggressively scale  the growth of Worldsensing”. 

About McRock Capital – McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital  fund focused on the intersection of sensors and software in large industrial markets. The McRock team  has a unique background of building high-growth venture-backed IIoT companies while also having  worked in the power, water, oil and gas industries. McRock is backed by several leading institutional  investors as well as Cisco Systems, Électricité de France (EDF), and Caterpillar.  

Visit www.mcrockcapital.com and follow on Twitter @McRockCapital. 

About Worldsensing – Worldsensing is a widely recognized global IoT pioneer. Founded in 2008, the  Barcelona-based technology provider delivers Operational Intelligence to traditional industries and cities.  With a team of more than 70 staff based in Barcelona, London and Los Angeles, Worldsensing is globally  active and has already delivered projects in over 50 countries across 5 continents.  

With a focus on developing integrated software and hardware solutions for both smart city and industrial  applications, the company’s flagship products are its integrated City Operational Intelligence Solution  Mobility, Loadsensing – the Connected Infrastructure Solution – and Fastprk – its Parking Management  System.  

Visit www.worldsensing.com and follow on Twitter @Worldsensing

Toronto, Ontario–(June 8, 2017) – McRock Capital, a leading venture capital fund manager focused  exclusively on the Industrial Internet of Things (IIoT), announced today that Whitney Rockley, Co-founder  and Managing Partner, is the incoming Chair of the Canadian Venture Capital & Private Equity Association  (CVCA). Whitney becomes the first female Chair of the association since its inception in 1974.  

The CVCA is the voice of Canada’s venture capital and private equity industry. The association works  alongside its 240 member firms and provides research, collaboration and ensures sound public policy that  encourages a favourable environment for private investment and innovation in Canada.

“Whitney is a deeply passionate about the private capital industry in Canada. She understands the  importance of, and is committed to building, a vibrant and sustainable ecosystem that allows  entrepreneurs to access the investment capital required to build globally competitive companies”, stated  Peter van der Velden, Managing General Partner of Lumira Capital and Past Chairman of the CVCA 

About McRock Capital – McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital  fund focused on the intersection of sensors and software in large industrial markets. The McRock team  has a unique background of building high-growth venture-backed IIoT companies while also having  worked in the power, water, oil and gas industries. McRock is backed by several leading institutional  investors as well as Cisco Systems, Électricité de France (EDF), and Caterpillar.  

Visit www.mcrockcapital.com and follow on Twitter @McRockCapital.

Toronto, Ontario–(May 18, 2017) – McRock Capital, a leading venture capital fund focused exclusively on the Industrial Internet of Things (IIoT), announced the three category winners of the McRock IIoT Awards during its 6th Annual McRock IIoT Symposium in Montreal today. The McRock IIoT Awards recognizes organizations and  individuals in three categories: IIoT Corporate Leader of the Year, IIoT Entrepreneur of the Year, and IIoT  Cybersecurity Company of the Year. The 2017 winners were selected by an industry-led judging committee consisting of: Ron Sege, Chairman and CEO of Echelon Corporation; Peter Williams, CTO of Big Green Innovations  at IBM; and Jim Oosterbaan, former CEO of NGX of the TMX Group.  

McRock IIoT Corporate Leader of the Year – Caterpillar Inc.  

 

 

 

This award is presented to a corporation driving IIoT adoption by demonstrating a unique and successful IIoT  solution internally or with a customer. Caterpillar has spent over 90 years committed to innovation and technology  that helps its customers succeed. The company is focused on what it calls “the Age of Smart Iron”. An age where  connectivity drives productivity and the IIoT is being used to make Cat products smarter, more productive and  safer. Caterpillar has made a significant investment in fleet monitoring and is tracking around 500,000 connected  assets, representing the largest connected industrial fleet in the world.  

“Building upon Caterpillar’s tradition of leading in our industries, we’re continuing to merge our expertise in iron  with new and evolving digital capabilities by connecting entire fleets, analyzing data and creating solutions that  help our customers run, grow and innovate their businesses in the Industrial Digital Revolution,” said John  Carpenter, Caterpillar Digital and Technology Manager. “We are not changing our core business, but we are  changing the industry and Caterpillar is extremely honored to accept the McRock IIoT Corporate Leader of the  Year award.” 

McRock IIoT Entrepreneur of the Year – Vatsal Shah, Co-Founder and CEO, Litmus Automation

 

 

 

This award is presented to an individual that has experienced success in the IIoT as a founder and/or business  leader in setting strategy, a developer creating a product, and everything in between. Vatsal co-founded Litmus  Automation when he was 25 years old and the firm has grown from just its original three founders to now having  20 employees across four continents. From coding Litmus’ IIoT software platform from the couch of his brother’s  dorm, to closing Nissan as the company’s first client, Vatsal’s energy, passion and success in the IIoT sector is  impressive. 

“McRock Capital has been at the forefront of the IIoT and I am extremely honoured to receive their Entrepreneur of the Year award. Litmus Automation has been enabling industrial companies to enter the IoT era  since 2014 and this award is a culmination of all our team’s hard work and success,” said Vatsal Shah, Co Founder and CEO of Litmus. 

McRock IIoT Cybersecurity Company of the Year – Sentryo 

 

 

This award is presented to a privately held company that has had demonstrable success providing Cybersecurity  solutions to IIoT markets. Sentryo, headquartered in Lyon, France, helps industrial corporations maintain the  availability, resilience and safety of their industrial systems while controlling cyber risks and transforming their  businesses through digitization. The company has established partnerships with more than 25 large industrial  customers and is protecting companies and their assets in energy, transportation, and manufacturing. 

“It is a great honour for Sentryo to receive the IIoT Cybersecurity Company of the Year award. We are sincerely  grateful to McRock Capital and the judges for giving us such remarkable exposure in North America.  Cybersecurity has become crucial to the development of Industrial IoT and this award is priceless  encouragement for the Sentryo team,” said Thierry Rouquet, Co-Founder and President of Sentryo. 

About McRock Capital – McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital fund  focused on the intersection of sensors and software in large industrial markets. The McRock team has a unique  background of building high-growth venture-backed IIoT companies while also having worked in the power, water,  and oil & gas industries. McRock is backed by leading institutional investors as well as Cisco Systems, Électricité  de France (EDF), and Caterpillar.  

Visit www.mcrockcapital.com and follow on Twitter @McRockCapital.

Toronto, Ontario– McRock Capital Corporation, a leading venture capital fund manager focused  exclusively on the Industrial Internet of Things (IIoT), announced today that it has reopened McRock  iNFund LP to admit Caterpillar Ventures as a strategic investor. Launched in December 2014, the fund now  adds Caterpillar to its list of corporate investors which also includes Cisco Systems and Électricité de  France (EDF). Other investors include BDC Capital, EDC, Teralys, WSGR, AEC, Kensington and Harbourvest. 

“We are pleased to add Caterpillar Ventures as our newest strategic investor, recognizing their strength  in the IIoT. The addition of Caterpillar provides us with the opportunity to work with a global industrial  manufacturer that has the largest connected industrial fleet in the world,” says Scott MacDonald, Co Founder and Managing Director of McRock Capital.  

“Caterpillar continues to lead in the digital age, and the relationship with McRock will help keep us abreast  of new technologies, innovation and startups in the IoT space,” added John Carpenter, Caterpillar  Solutions and Technology Manager. 

About Caterpillar Ventures- Caterpillar Venture Capital Inc. (Caterpillar Ventures) assists entrepreneurs  around the world to grow and scale their businesses to build today for a better tomorrow by leveraging  Caterpillar’s industry expertise, supply base and independent dealer network. Caterpillar Ventures’ focus  areas of investment include robotics, energy, advanced materials, and digital solutions that help our  customers be successful. Caterpillar Ventures is a wholly owned subsidiary of Caterpillar Inc., the world’s  leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial  gas turbines and diesel–electric locomotives. For more information, visit caterpillar.com/ventures.

About McRock Capital – McRock is the first dedicated Industrial Internet of Things (IIoT) venture capital  fund focused on the intersection of sensors and software in large industrial markets. The McRock team  has a unique background of building high-growth venture-backed IIoT companies while also having  worked in the power, water, oil and gas industries. McRock is backed by several leading institutional  investors as well as Cisco Systems, Électricité de France (EDF), and Caterpillar.  

Visit www.mcrockcapital.com and follow on Twitter @McRockCapital.