Company looks to use Series B funding to help businesses manage their expanding IoT device fleets
Memfault, an IoT reliability platform provider, recently announced its $24 million series B funding round. Stripes led the funding round with additional participation from existing investors Partech Partners and Uncork Capital as well as the 5G Open Innovation Lab. The funding will support the company’s product roadmap and partner development and grow the Memfault team across all areas to address rising enterprise demand.
“Memfault stands alone in the market,” said Stripes partner Saagar Kulkarni, who will join Memfault’s board. “For decades, device developers have been plagued by time-consuming and costly development processes because there was no alternative. Memfault’s goal to revolutionize IoT device development by solving these challenges at scale is ambitious and will transform industries by accelerating the transition to the IoT.”
Memfault’s IoT reliability platform allows teams to build robust devises with software at scale. The company’s founders created its platform to equip developers with critical device reliability engineering (DRE) tools. Similar to software reliability engineering (SRE), these tools will change how developers build and operate IoT and edge devices with automation, data analysis and more collaboration. Memfault helps developers leverage built-in performance monitoring, device debugging, and over-the-air (OTA) update capabilities for proactive device operations to detect, patch and fix issues before users notice them.
“Our commitment has always been to give embedded engineers a set of tools that lets them focus on building incredible products,” said Memfault CEO François Baldassari. “With this investment, we can continue to innovate on our platform and scale the business to meet the needs of customers, whether they build a niche industry device or a wearable used by millions.”
Memfault’s customers, include Bose, Lyft and Traeger. They all use Memfault to implement a more scalable and sustainable process to accelerate go-to-market, remove risk from their product launches, decrease product costs and deliver overall superior products.
Designed to provide worldwide cross-platform support for fleets of any size, the Memfault platform is available for Linux, Android, RTOS and bare metal device developers. Memfault is compatible with a wide range of wired and wireless protocols such as Bluetooth, cellular, Wi-Fi, LoRa, Thread or Zigbee, allowing maximum flexibility.
The funding enables a number of Memfault’s recently announced partnerships with Infineon, Nordic Semiconductor, NXP, and Silicon Labs. The company also took part in the 5G Open Innovation Lab to advance next-generation edge and 5G enterprise solutions and the Bluetooth SIG to drive innovation in Bluetooth technology.
“We partner with Memfault because they enable us to proactively identify product issues in the field, prioritize them and implement solutions,” Airthings COO Audhild Randa said. “It’s vital to Airthings that we act as swiftly as possible to provide uninterrupted, reliable service to our customers, and Memfault is a key tool for us in doing this.”