Memfault raises $24M to help companies manage their growing IoT device fleets
Memfault, a startup offering a monitoring and management platform designed specifically for internet-of-things devices, today announced that it has raised $24 million in Series A funding.
The round was led by NewView Capital, with participation from CRV, True Ventures, Uncork Capital, and Y Combinator. This brings the total raised to just over $32 million since the company was founded in 2016.
As its name suggests, Memfault’s Memfault Platform helps device makers manage firmware and software issues across their fleets of IoT devices. The idea is to give these companies better visibility and control over how those devices are behaving in the field, and to make it easier to deploy firmware and software updates — something that’s traditionally been a challenge with IoT.
To do that, Memfault developed a client-side agent that sits on each device and monitors its health and performance. When something goes wrong, that agent sends data back to the Memfault cloud, where it’s aggregated and analyzed. That way, device makers can see when there are trends developing across their fleets and take action accordingly.
In addition to the monitoring and management features, Memfault also provides a software development kit that makes it easier for developers to instrument their code so that it works with the Memfault agent.
The company says that its platform is used by some of the largest consumer electronics companies in the world, though it’s not disclosing any names.
As part of the Series A funding, NewView Capital’s Alexei Agratchev and Arun Mathew will be joining Memfault’s board of directors.
“Consumer electronics companies increasingly need to support their devices for longer durations — often for years — and manage a growing number of devices connected to the internet,” said Agratchev in a statement. “Memfault has built a unique solution that helps these companies manage firmware and software issues across their fleets of IoT devices, and we’re excited to support the company as it helps its customers bring new products to market quickly and efficiently.”
Going forward, Memfault plans to use the new funding to expand its engineering and sales teams. The company says it’s also working on additional features for the platform, though it’s not ready to share specifics just yet. Memfault raises $24M to help companies manage their growing IoT device fleets
Memfault, which provides a SaaS platform that helps companies manage the firmware and software of their IoT devices, today announced that it has raised $24 million in a series B round of funding led by Accel.
This brings the San Francisco-based startup’s total funding to $34 million since it was founded in 2016 by former Google and Android engineers.
The Memfault platform helps companies automatically collect and analyze data from their devices in the field in order to identify and fix software bugs.
The company says that its platform is used by “hundreds” of companies, including GoPro, Jawbone, Tile, and Philips.
“As the industry of connected devices rapidly expands, so too does the need for better tools to manage these devices at scale,” said Memfault CEO and co-founder Dan Grigsby in a statement.
“With Memfault, teams can automatically detect and fix issues in firmware and software, remotely and at scale — without waiting for a customer to report a problem. This frees up engineering teams to focus on building great product experiences instead of firefighting.”
With the new funding, Memfault plans to grow its team and expand its platform. The company says that it will use the new funding to “double down” on its product and go after new markets.