MMB Networks, a Toronto, Canada-based Internet of Things solutions provider, raised $7m in Series B funding.
The round was led by Roadmap Capital with participation from previous investors Arctern Ventures and VentureLink Funds, and a strategic investment from NXP Semiconductor.
The company will use the funds to expand operations.
Founded in 2008 and led by Tim Angus, CEO, and Daniel Moneta, EVP Corporate Development, MMB Networks provides a line of hardware and software products all built around its core solution, RapidConnect, a drop-in embedded software platform that allows connected device vendors to automate networking, and provide interoperability across multiple popular IoT platforms and protocols (ZigBee 3.0, Thread, Weave, HomeKit and others).
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.
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.