IoT Fleet Management Platform Gets $24M Boost

As cars become increasingly connected and embedded software technologies grow increasingly complex, businesses are looking for ways to manage and connect edge hardware. This is where Memfault, the provider of what it says is the world’s first IoT reliability platform, comes in.

The company, whose platform is designed to allow users to identify faults in edge devices via the cloud, has closed its series B funding round with $24 million to help accelerate its growth both in product development and market standing. 

The funding round was led by Stripes, with participation from the 5G Open Innovation Lab, Partech and Uncork. 

Existing customers include Bose, Lyft, and Traeger, which use Memfault to monitor fleet performance and identify hardware issues remotely. According to Memfault, the platform can help fleet managers “implement a more scalable and sustainable process to accelerate go-to-market, de-risk product launches, cut product costs and deliver overall superior products.”  

Providing software development kits, Memfault allows operators to upload performance data and error reports to a private cloud, where it’s then analyzed for potential issues, allowing for rapid troubleshooting when the problems occur. 

“Memfault stands alone in the market,” said Saagar Kulkarni, Stripes partner. “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.”

“Our commitment has always been to give embedded engineers a set of tools that lets

them focus on building incredible products,” said François Baldassari, Memfault CEO. “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.”