Memfault, a San Francisco, CA-based provider of an IoT reliability platform, raised $24M in Series B funding.
The round was led by Stripes with participation from Partech Partners and Uncork Capital as well as the 5G Open Innovation Lab. Stripes partner Saagar Kulkarni will join Memfault’s board.
The company intends to use the funds to support its product roadmap and partner development, and grow its team across all areas to address rising enterprise demand.
Led by CEO François Baldassari, Memfault applies device reliability engineering (DRE) techniques to transform the way developers build and operate IoT and edge devices. It allows developers to 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.
Memfault is compatible with a wide range of wired and wireless protocols such as Bluetooth, cellular, WiFi, LoRa, Thread, or Zigbee, allowing maximum flexibility. Customers include Bose, Lyft, and Traeger, among others.
Commenting on the news, Baldassari said: “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.”
FinSMEs
24/01/2023