Memfault Raises $24 Million in Series B Funding to Supercharge its IoT Reliability Platform
SAN FRANCISCO, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Memfault, the provider of the first IoT reliability platform, announced today a $24M Series B funding round. The round was led by Stripes 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 founders, embedded engineers from Fitbit, Oculus, and Pebble, built its platform to equip developers with critical device reliability engineering (DRE) tools. Similar to software reliability engineering (SRE), these tools transform how developers build and operate IoT and edge devices with automation, data analysis and more collaboration. Memfault 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.
“Our commitment has always been to give embedded engineers a set of tools that lets them focus on building incredible products,” said François Baldassari, CEO, Memfault. “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.”
Customers, including Bose, Lyft, and Traeger, use Memfault to implement a more scalable and sustainable process to accelerate go-to-market, de-risk product launches, cut product costs, and deliver overall superior products. Designed to provide worldwide cross-platform support for fleet sizes large and small running any use case, 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, WiFi, LoRa, Thread, or Zigbee, allowing maximum flexibility.
The funding comes on the heels of significant momentum for the San Francisco-based company. Over the last year, Memfault was named the u>Bay Area’s Best Tech Startup by Tech in Motion’s Timmy Awards, won the IoT Tech Trailblazer Award, and earned the IoT Emerging Company of the Year for the Consumer Market honor in the IoT Breakthrough Awards. The company also announced partnerships with Infineon, Nordic Semiconductor, NXP, and Silicon Labs as well as participation 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,” said Audhild Randa, COO, Airthings. “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.”
Contact: Cindy Clement [email protected]
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