This company is the glue that’s creating a cohesive IoT (Internet of Things) ecosystem
Advanced systems monitoring and control solutions innovators has mPrest announced that it has closed a Series A funding round with an impressive US$20 million in new financing. Leading the round was GE Ventures and the Jerusalem-based OurCrowd.
Founded in 2000 by CEO and IDF Colonel (res) Natan Barak, the company has made a name for its work in the field of command and control (C&C) systems. During his service, Barak was in charge of the Navy’s C&C operations for mixed automated and human-controlled projects (C4I).
The company had gained some fame already for its role in developing the Iron Dome short-range anti-rocket defense system in cooperation with Rafael Advanced Defense Systems, the major Israeli defense contractor that bought a 50 per cent stake in mPrest back in 2010.
Its primary contribution to the Iron Dome project was the mission-critical Battle Management Control (BMC) system that allows for communication between the various tracking, decision making, and execution elements of the system.
Since its deployment in 2011, the Iron Dome batteries have been used to protect Israeli communities from rocket fire emanating from the Gaza Strip.
From airspace to cyberspace
The habanero pepper in mPrest’s special sauce is the ability to “connect the dots” across disparate systems, tying them together to work in concert. Beyond the aforementioned uses in the defense sector, this command and control capability is essential for the future of the connected ecosystem emerging through the rapid growth of the Internet of Things.
“The enormous promise of IoT relies on smoothly integrating disparate systems, sensors and disciplines while managing the exponential growth of connected devices,” said Barak in his statement to the press. “We built mPrest’s product-based platform to empower industrial and commercial organisations to autonomously adapt to these changes to strengthen performance and drive operational efficiency and cost reductions. Together with our new and existing partners, we are committed to growing into a world leader in technology for the increasingly connected industrial world.”
The company has cited a McKinsey Global Institute study that posited that by 2025, the IoT sector will generate between US$3.9 trillion – US$ 11 trillion in economic benefits worldwide, making this a potentially lucrative sector to expand into.
Currently, mPrest offers solutions for smart cities as well as utilities. While it has not yet posted where it sees the company moving in the aftermath of this impressive funding round, it is highly likely that it will be tackling the coordination of large systems like those required for making smart public services run smoothly. As such, it will likely appeal to B2B or B2G customers, foregoing the B2C sector for the time being.
One of the key advantages in the development of the system is its generic infrastructure that allows it to reach out and communicate across different devices and networks. As we are unlikely to see any real uniformity in the field anytime soon, this will be an important feature for the company as they expand their marketing efforts. Now with US$20 million in the bank, it has the funding necessary to make a sales push along with new capabilities.
A major element of ‘smart devices’ and IoT that often goes under defined is the basic truth that the IoT revolution is the addition of brains into otherwise ‘dumb’ devices and connecting them with a wider system. While many of these operations are fully automated, their interaction with human beings and concerns for safety require that they retain a human observer that can monitor the activities, much like the Iron Dome.
This is exactly the middle ground where mPrest excels. Coming off of the success on the Iron Dome project, we can expect some fairly interesting developments this year.
The article From Iron Dome to IoT – Israeli mPrest downs a US$20M Series A was first published on Geektime.
The post From Iron Dome to IoT – Israeli mPrest nabs US$20M Series A appeared first on e27.
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