GE Ventures and OurCrowd lead Series A investment in Iron Dome software provider
MENLO PARK, Calif. & PETACH TIKWA, Israel--(BUSINESS WIRE)--mPrest, a global provider of mission-critical monitoring and control software for the Internet of Things (IoT), announced today that it has raised a $20 million Series A round of funding. The round was led by GE Ventures, the venture arm of GE, and OurCrowd, one of the world's leading equity crowdfunding platforms. mPrest will use the investment to expand its international presence in the industrial and commercial markets and rapidly scale to meet the soaring needs of the IoT world.
mPrest delivers leading-edge software for "connecting the dots" across multiple complex systems of any scale, from a single facility to a multinational corporation. mPrest's groundbreaking, generic software platform enables organizations to connect any sensor at any time with unparalleled flexibility. Organizations receive real-time situational awareness and can optimize operations automatically.
"mPrest is an exciting company with significant revenues, a real track record and a very promising future," said Jon Medved, OurCrowd CEO. "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."
"We are proud to be an investor in mPrest," said Jonathan Pulitzer, managing director 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."
mPrest is an established player in the monitoring and control software industry serving essential sectors, including defense and security bodies, electric and water utilities, smart cities and buildings, fleet management companies and other large organizations around the world. 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 renowned 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 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 seized the opportunity to invest in a proven company poised to capitalize on the rapidly growing IoT market. A recent study by the McKinsey Global Institute projects that the IoT will create between $4 trillion to $11 trillion in economic benefits worldwide by 2025.
mPrest is a global provider of mission-critical monitoring and control software for the defense, security, utilities and Internet of Things (IoT) sectors. With its expansive technology platform and a proven track record, mPrest delivers unrivaled flexibility to optimize asset performance and productivity, deliver operational and energy efficiency, and help large organizations reduce costs significantly. For more information, please visit www.mPrest.com.
About GE Ventures
GE Ventures is committed to identifying, scaling and accelerating ideas that will make the world work better. Focused on the areas of software, advanced manufacturing, energy and healthcare, GE Ventures helps entrepreneurs and start-ups succeed by providing access to GE's technical expertise, capital and opportunities for commercialization through GE's global network of business, customers and partners. GE Ventures offers an unparalleled level of resources through its Global Research Center, including: 35,000 engineers; 5,000 research scientists; 8,000 software professionals; as well as 40,000 sales, marketing and development resources in over 100 countries. For more information, please visit www.geventures.com.
OurCrowd is one of the world's leading equity crowdfunding platforms for accredited investors to invest in Israeli and global companies. Managed by a team of seasoned investment professionals and led by serial entrepreneur Jon Medved, OurCrowd vets and selects opportunities, invests its own capital, and brings companies to its accredited membership of global investors. OurCrowd provides post-investment support to its portfolio companies, assigning industry experts as mentors and taking board seats. OurCrowd has raised over $200M for its 93 portfolio companies, which include leading companies, such as mPrest, Enverid, Surgical Theater, Borro, Zebra, Consumer Physics (SCiO), BioCatch, and ReWalk, OurCrowd's first portfolio company to complete a successful IPO on the NASDAQ. Visit OurCrowd online at: www.ourcrowd.com.