MMB Networks, an IoT provider announced it closing $7 million in Series B round of funding led by Roadmap Capital along with previous investors Arctern Ventures and VentureLink Funds and strategic investment from NXP Semiconductor.
Based in Toronto, MMB Networks offers a line of hardware and software products all built around its core interoperability solution. It enables consumer electronics manufacturers to add smart, connected layers to their products. Rapid Connect is a drop-in embedded software platform that dramatically reduces time-to-market for connected device vendors, automating networking and offering out-of-the-box interoperability across multiple popular IoT platforms and protocols. The products of the company includes drop-in 802.15.4 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.”
With the fresh funds, MMB plans to continue with adding value to its customers by integrating new technologies like ZigBee 3.0, Thread, Weave, HomeKit and others, into their RapidConnect platform.
“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,” said 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.”