GE invests in Iron Dome software house for industrial IoT platform
January 27th 2016
mPrest, the software developer behind Israel's Iron Dome anti missile defence system has received $20 million in funding from GE Ventures and OurCrowd to help develop its industrial fail-safe real-time Internet of Things platform. The investment will be used to develop technologies to help the company's IoT software platform able to scale rapidly.
Petah Tikva based mPrest develops software which it describes as “connecting the dots” across multiple complex systems of any scale, from a single facility to a multinational corporation. mPrest’s software platform is designed to allow organizations to connect any sensor at any time with unparalleled flexibility. The company says that customers receive real-time situational awareness and can optimize operations automatically.
For the past six years, mPrest has been a strategic partner with Rafael Advanced Defence Systems to supply the command and control system for Israel's Iron Dome air-defence system, as well as other large projects.
Iron Dome is the missile defence system designed to protect Israel from short range rockets and artillery shells fired from distances between 2.5 miles (4 kilometres) to 43 miles (70 kilometres). The system was first deployed in 2011, and by October 2014 had intercepted successfully over 1,200 rockets.
mPrest is one of three key contractors on the Iron Dome programme: the others being Rafael, who provide the rocket, and Elta who provide the radar. mPrest provide the battle management and weapon control (BMC) centre, which acts as the control system and intelligence behind the system. The BMC system tracks incoming rockets or shells, and calculates the geographical impact area. If it predicts that the incoming projectile will hit a populated area, then it fires the interceptor missile. Otherwise, the incoming projectile is ignored.
mPrest is also established player in the monitoring and control software industry serving public and service sectors, including defence and security bodies, electric and water utilities, smart cities and buildings, and fleet management companies.
"mPrest is an exciting company with significant revenues, a real track record and a very promising future,” said Jon Medved, OurCrowd CEO. “Just as its Iron Dome technology has played an invaluable role in protecting millions of citizens, we are confident that mPrest's real-time platform will deliver enormous value to its large industrial customers for years to come.”
“We are proud to be an investor in mPrest,” said Jonathan Pulitzer, managing director at GE Ventures. “mPrest has created a scalable software platform for smart asset management that has great industrial applications. We look forward to potentially partnering with mPrest and exploring applications of their technology for GE.”
“The enormous promise of the IoT relies on smoothly integrating disparate systems, sensors and disciplines while managing the exponential growth of connected devices,” said Natan Barak, CEO and founder of mPrest. “We built mPrest’s product-based platform to empower industrial and commercial organizations to autonomously adapt to these changes to strengthen performance and drive operational efficiency and cost reductions. Together with our new and existing partners we are committed to growing into a world leader in technology for the increasingly connected industrial world."