mPrest, a software provider of “mission critical monitoring” and control software for the Internet of Things (IoT) has received a $20 million Series A investment led by OurCrowd and GE Ventures.
mPrest, an Iron Dome software provider, will use the new capital to expand its international presence and to scale operations to provide services in the booming IoT sector. mPrest is described as “connecting the dots” technology. The software provider facilitates interaction across many complex systems. Estimates state that by 2020 50 billion devices will be interconnected. McKinsey Global Institute projects that the IoT will create between $4 trillion to $11 trillion in economic benefits worldwide by 2025. These “smart” devices can be complex with diverse technologies. mPrest wants to be the one software provider to connect them all.
OurCrowd CEO Jon Medved said that mPrest was an exciting company with significant revenues, along with a promising future;
“Just as its Iron Dome technology has played an invaluable role in protecting millions of citizens, we are confident that mPrest’s real-time platform will deliver enormous value to its large industrial customers for years to come.”
mPrest, founded in 2003, is an established player in the monitoring and control software industry. For the past six years, mPrest has been a strategic partner with Rafael Advanced Defense Systems to supply the command and control system for the Iron Dome air-defense system, as well as many other large projects.
“The enormous promise of the IoT relies on smoothly integrating disparate systems, sensors and disciplines while managing the exponential growth of connected devices,” said Natan Barak, CEO and co-founder of mPrest. “We built mPrest’s product-based platform to empower industrial and commercial organizations 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.”
GE Ventures and OurCrowd saw a compelling opportunity to invest in an industry that is poised to change the landscape of everything.
“We are proud to be an investor in mPrest,” said Jonathan Pulitzer, MD at GE Ventures. “mPrest has created a scalable software platform for smart asset management that has great industrial applications. We look forward to potentially partnering with mPrest and exploring applications of their technology for GE.”
OurCrowd is one of the largest investment crowdfunding platforms in the world. Based in Israel but with offices scattered across the globe, OurCrowd has helped to fund over $200 million in companies providing unique access to smaller investors in earlier stage companies.
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