Memfault raises $24m for IoT reliability platform

Business news |
By Nick Flaherty

US embedded software developer Memfault has raised $24m to boost the roll out of its reliability platform for the Internet of Things (IoT).

The series B funding round was led by Stripes with additional participation from existing investors Partech Partners and Uncork Capital as well as the 5G Open Innovation Lab and brings the total raised to $35.2m.

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 help developers build and operate IoT and edge devices with automation, data analysis and more collaboration.

The platform includes 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. In recent months the company has partnered with Nordic Semiconductor and Infineon Technologies to support the platform on ARM-based wireless chips.

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.

“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,” said Saagar Kulkarni, partner at Stripes who will join Memfault’s board.

“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.”

The software is designed to provide worldwide cross-platform support for fleet sizes large and small running any use case, and 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.



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