The creator of a ground-breaking IoT dependability platform, Memfault, has announced a $24 million Series B fundraising round.
Stripes served as the lead investor in the round, with participation also coming from the 5G Open Innovation Lab and previous backers Partech Partners and Uncork Capital. In order to meet the growing enterprise demand, the financing will be utilised to expand the Memfault team across all functional areas and support the company’s product roadmap and partner expansion.
Memfault has created a platform to aid developers by giving them access to vital device reliability engineering (DRE) tools, and its founders, who formerly worked at Fitbit, Oculus, and Pebble, founded the company.
These solutions aim to change how developers create and manage IoT and edge devices through automation, data analysis, and collaboration, much like software reliability engineering (SRE). In order to discover, patch, and resolve issues before consumers become aware of them, Memfault enables developers to take advantage of built-in performance monitoring, device debugging, and over-the-air (OTA) update capabilities.
Customers use Memfault to develop a more scalable and sustainable method to hasten product releases and lower expenses, including Bose, Lyft, and Traeger. The Memfault platform is accessible for Linux, Android, RTOS, and bare metal device developers and is intended to provide international cross-platform support for fleet sizes small and big executing any use case. Memfault offers the greatest degree of versatility by working with a broad range of wired and wireless protocols, including Bluetooth, LTE, WiFi, LoRa, Thread, and Zigbee.
In order to advance next-generation edge and 5G enterprise solutions as well as its participation in the 5G Open Innovation Lab and the Bluetooth SIG, which fosters innovation in Bluetooth technology, the company has announced a number of partnerships with Infineon, Nordic Semiconductor, NXP, and Silicon Labs.
“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 revolutionise IoT device development by solving these challenges at scale is ambitious and will transform industries by accelerating the transition to the IoT.”