The round was led by Stripes with additional participation from existing investors Partech Partners and Uncork Capital as well as the 5G Open Innovation Lab.
The funding will be used to support the company’s product roadmap and partner development, and grow the Memfault team across all areas to address rising enterprise demand.
“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.”
Memfault, whose founders came from Fitbit, Oculus, and Pebble, has developed a platform to help developers providing them with critical device reliability engineering (DRE) tools.
Similar to software reliability engineering (SRE), these tools look to transform how developers build and operate IoT and edge devices with automation, data analysis and collaboration. Memfault allows developers to leverage built-in performance monitoring, device debugging, and over-the-air (OTA) update capabilities for proactive device operations to detect, patch, and fix issues before users notice them.
“Our commitment has always been to give embedded engineers a set of tools that lets them focus on building products,” said François Baldassari, CEO, 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 product launches and cut product costs. Designed to provide worldwide cross-platform support for fleet sizes large and small running any use case, the Memfault platform is available for Linux, Android, RTOS, and bare metal device developers. 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 has announced a series of partnerships with Infineon, Nordic Semiconductor, NXP, and Silicon Labs as well as participation in the 5G Open Innovation Lab to advance next-generation edge and 5G enterprise solutions and the Bluetooth SIG to drive innovation in Bluetooth technology.
