MMB Networks, a Canadian Internet-of-Things solutions provider, has secured $7 million in Series B financing. The round was led by Canadian venture capital firm Roadmap Capital, and was joined by the company’s existing backers, Arctern Ventures and VentureLink Funds. NXP Semiconductors, a Dutch semiconductors manufacturer, also participated as a strategic investor. Founded in 2008, Toronto-based MMB has developed an embedded software platform that enables connected devices. It said it plans to use the funds to expand the company’s customer base, product portfolio and global presence. MMB also agreed to co-develop a suite of NXP silicon-based hardware products.
MMB Networks Closes $7 Million Series B Financing Round Led by Roadmap Capital
Strategic and Capital Investments Fuel Accelerated Growth Strategy and New Line of Internet of Things Development Solutions
TORONTO, ON–(Marketwired – January 06, 2016) – Internet of Things solutions provider MMB Networks, the leader in embedded interoperability software for enabling connected devices, today announced a $7 million Series B funding round led by Roadmap Capital with participation from previous investors Arctern Ventures and VentureLink Funds, and a strategic investment from NXP Semiconductor.
MMB Networks provides a line of hardware and software products all built around its core interoperability solution, RapidConnect. RapidConnect is a drop-in embedded software platform that dramatically reduces time-to-market for connected device vendors, automating networking, and providing out-of-the-box interoperability across multiple popular IoT platforms and protocols. MMB’s products include drop-in 802.15.4 (ZigBee and Thread) modules, wireless USB sticks, low-cost network bridges, and multi-protocol connected home gateways.
“This new round of equity funding comes at a point of exponential growth for both MMB and the Internet of Things,” said Tim Angus, CEO of MMB Networks. “The support from Roadmap Capital and our new partnership with NXP will help us rapidly expand our customer base, product portfolio, and global presence.”
“The commercial opportunity of the IoT is enormous,” said Daniel Moneta, Co-Founder and EVP Corporate Development at MMB Networks. “But so are the technical challenges for connected device vendors. With hundreds of companies across hundreds of product categories, and multiple platforms and protocols to keep up with, traditional networking solutions are not enough to scalably address this diverse and rapidly evolving market. RapidConnect provides that missing layer — enabling devices to seamlessly interoperate, and ensuring they will continue to do so in the future. This financing will allow us to continue adding value for our customers by integrating new technologies like ZigBee 3.0, Thread, Weave, HomeKit and others, into our RapidConnect platform.”
In addition to the strategic investment, NXP and MMB have executed an Alliance Agreement to co-develop a suite of NXP silicon-based IoT hardware products powered by MMB’s RapidConnect platform.
“We recognize that MMB’s RapidConnect platform is leading the way in the deployment of ARM® based 32-bit MCU and 32/64-bit MPU connected solutions,” said Geoff Lees, Senior Vice President & General Manager, Microcontrollers at NXP. “We’re excited to be an investor in MMB, and through our Alliance Agreement, to make RapidConnect an integral part of NXP’s IoT strategy.”
With more than a decade of development and deployment, RapidConnect delivers networking robustness and interoperability that is years ahead of any other IoT software solution. Founded in 2008, MMB quickly developed a reputation both for its technology and its thought leadership, with MMB executives taking leadership roles in key industry alliances such as the ZigBee Alliance and Thread Group. This allows MMB to keep RapidConnect customers up to date with the latest changes to these open, global standards.
“MMB addresses two key bottlenecks for the wide adoption of IoT devices: interoperability and speed to market. We believe that MMB has the know-how and the right approach for their software and platforms to be broadly integrated into the IoT ecosystem,” remarked Imed Zine, Partner at Roadmap Capital. “As we got to know MMB, we were impressed by their ability to execute complex projects with global partners, and the respect and recognition they have amongst customers, partners, and key players in their industry,” said Hugh Cleland, Co-Founder and Partner at Roadmap Capital. “We’ve seen the value that RapidConnect brings to the IoT, and we’re excited to support the MMB team in delivering that value to new customers and channels.”
MMB Networks will be exhibiting its latest products at the CES 2016. See MMB’s products and talk to us at the ZigBee Alliance Pavilion Booth 71344 Tech West in the Sands, and see MMB’s new Thread products on display at the Thread Booth 70560 Tech West in the Sands.
About MMB Networks
MMB Networks is a Toronto-based leader in IoT Connectivity, offering a full range of hardware and software solutions for connected device manufacturers powered by RapidConnect. RapidConnect is a drop-in embedded software platform that dramatically reduces time-to-market for connected device vendors, automating networking, and providing out-of-the-box interoperability across multiple popular IoT platforms and protocols. MMB’s products include drop-in 802.15.4 (ZigBee and Thread) modules, wireless USB sticks, low-cost network bridges, and multi-protocol connected home gateways.
About Roadmap Capital
Roadmap Capital is an investment platform that offers co-investment opportunities in innovative private companies in the technology and medtech/healthcare sectors. The Roadmap Capital team conducts extensive due diligence with deep domain expertise to select its portfolio companies. The Roadmap Capital platform creates an environment that fosters partnership and value creation between its investors and the entrepreneurs leading its portfolio companies. For more information, please visit:
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