mPrest raises $20M through crowdfunding

Israeli startup mPrest, which provides monitoring and control software for the Internet of Things (IoT), has raised a $20 million led by GE Ventures and OurCrowd. Petah Tikva-based mPrest, which developed the brains for the Iron Dome missile defense system, will use the proceeds to expand its international presence in the industrial and commercial markets and rapidly scale to meet the soaring needs of the IoT world. Founded in 2003, mPrest has developed software for “connecting the dots” across multiple systems, providing mission-critical monitoring and control software for the Internet of Things (IoT) in critical infrastructure sectors, including defense and security bodies, electric and water utilities, smart cities and buildings, fleet management companies and other large organizations around the world. “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.”

The company claims that its technology is already in use across a variety of platforms in countries including Israel, Brazil, Argentina, Russia, and Singapore. Jonathan Pulitzer, Managing Director at GE Ventures, said, “We are proud to be an investor in mPrest. It 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.” It is one of the biggest investment round ever raised via crowdfunding. Crowdfunding is the system whereby investors pool resources to reach the sum a start-up or more mature firm is seeking in a funding round. A crowdfunding platform essentially creates a venture capital fund — not with just a few rich members’ money, but with funds supplied by hundreds or thousands of individuals. “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,” he added. 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.