Memfault, a San Francisco, CA-based provider of the first IoT reliability platform, announced that it raised $24 million in Series B funding.
The round was led by Stripes, with 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.
“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 of 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.
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 company also announced partnerships with Infineon, Nordic Semiconductor, NXP, and Silicon Labs, as well as participation in the 5G Open Innovation Lab and the Bluetooth SIG, which both aim to advance the development of next-generation edge and 5G enterprise solutions.
Company: Memfault Inc.
Round: Series B
Funding Month: January 2023
Lead Investors: Stripes
Additional Investors: Partech Partners, Uncork Capital, and 5G Open Innovation Lab
Company Website: https://memfault.com/
Software Category: IoT Reliability Platform
About the Company: Memfault is the first IoT reliability platform that empowers teams to build robust devices with software at scale. Memfault applies device reliability engineering (DRE) techniques to transform the way developers build and operate IoT and edge devices. Memfault was built to enable developers with a more scalable and sustainable process to accelerate go-to-market, de-risk product launches, cut product costs, and deliver overall superior products. Its platform is available for Linux, Android, RTOS, and bare metal device developers.