A $16.5 million investment to advance innovation by Québec equipment manufacturers
Montréal, March 28, 2018 – The Fonds de solidarité FTQ (the “Fonds”) and Investissement Québec (IQ) are participating in a $16.5-million financing round by Mnubo, alongside the company’s existing investors, HSB / Munich RE, the transatlantic venture fund White Star Capital, and McRock Capital. These investments will allow the leader in Internet of Things (IoT) analytics and artificial intelligence (AI) solutions focus on helping Québec manufacturers make the digital shift.
In the past few years, Montréal has become a global epicentre in artificial intelligence, supported by large research institutions and a rich eco-system of start-ups that continues to grow. Mnubo is a prime example of this momentum, having built a world-class team of equipment data experts and a unique software platform that helps manufacturers rapidly transform their connected equipment data into strategic performance and capacity indicators. Mnubo’s technology, already used by customers in the U.S., Japan and Europe, allows equipment manufacturers to transform their business model, create new revenue sources and optimize operating costs. This new financing round will strengthen the AI field and technology innovation in Québec.
Alain Denis, Senior Vice-President, Innovation and Agri-food, at the Fonds, explains that innovation must be a priority for all Québec businesses: “Mnubo has managed to stand out on the international stage as a leader in the manufacturing digital shift. Our goal with this partnership is to encourage and make it easier for Québec businesses to connect their products. It is companies like these that the Fonds created Solunov, a new approach to innovation.”
Pierre Gabriel Côté, President and CEO of Investissement Québec, added: “Mnubo makes an important contribution to the digital leap that all our companies need to take and that Investissement Québec considers a strategic priority. Mnubo’s solutions will help accelerate innovation in our manufacturing industry and at the same time raise Québec’s profile on the international stage.”
Mnubo co-founder and CEO Frédéric Bastien said: “We are proud to have the support of these two leading institutions that are doing exceptional work to encourage entrepreneurship and innovation in Québec. With its presence in over 2,700 Québec companies and its new Solunov program, which helps fund technology innovation projects, the Fonds de solidarité FTQ is a strategic partner for Mnubo. Also, Investissement Québec’s “Manufacturiers Innovants” initiative, in which I am actively involved, will greatly help Québec manufacturers make the digital shift.”
Mnubo is expecting to create about 30 jobs in Québec over the next two years in promising niches such as artificial intelligence, applied mathematics and the industrial Internet of things.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With $13.7 billion in net assets as at November 30, 2017, the Fonds has helped create and maintain over 186,440 jobs. The Fonds has more than 2,700 partner companies and more than 645,000 shareholder-savers. For more information, visit www.fondsftq.com.
About Investissement Québec
Investissement Québec’s mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment. To learn more, visit www.investquebec.com
About Mnubo
Founded in 2012 and headquartered in Montreal, Canada - Mnubo is an Internet of Things company, providing data analytics, machine learning and artificial intelligence solutions to connected product manufacturers and service providers. To learn more, visit www.mnubo.com
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