Mnubo, an Internet of Things (IoT) Data Analytics and artificial intelligence (AI) company, announced today it has raised $16.5 million in Series B financing in an oversubscribed round.

The Montreal startup was founded in 2012, and has since enjoyed success in the smart home market with early adoption by some of the leading smart equipment manufacturers such as Icontrol, whose home automation and home security platforms have been enabling services for multiple-system operators (MSOs) such as Comcast (XFINITY Home), Cox (Homelife), Charter (Intelligent Home), Rogers (Smart Home Monitoring) and iTSCOM/Connected Design (Intelligent HOME).

In May, Mnubo was selected to provide its SmartObjects data analytics solution to Japan-based service providers iTSCOM and Connected Design.

The investment was 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.

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“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,”said Greg Barats, President and Chief Executive Officer of HSB. “HSB can help Mnubo’s customers realize meaningful results from their IoT investments.”

“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.”

According to Barats, the Mnubo partnership is pivotal to unlocking the business value that companies will derive from their smart equipment. Mnubo’s IoT expertise will enable HSB to build tailored financial solutions to improve companies business and/or facilitate new business models.

“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,” said Dr. Hank Marcy, Vice President of Global Product Development at Johnson Controls - Hitachi Air Conditioning, Inc, a worldwide leader in IoT and current customer of Mnubo,

This financing round confirms Mnubo’s position as an IoT analytics and AI solutions industry leader. n 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.

“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,” said Frederic Bastien, President and CEO of Mnubo. “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.”