Israeli monitoring & control technology company mPrest has recently raised a funding round reported to total $20M, from strategic investors GE Ventures and OurCrowd. The company is expanding its already existing offering to industries including water, energy and the Industrial Internet of Things. An interview with Doron Gover and Ariel Daliot of mPrest.
mPrest’s name is tied in with what is perhaps Israel’s most famous innovation in the military arena – the Iron Dome missile defense system that has protected Israel’s civilian population so effectively from short range rocket fire over the past few years. mPrest provides the monitoring and control system for Iron Dome.
Today, the Company has already expanded well beyond the defense industry, and is selling its field-proven products to industries including security, Internet of things and utilities, such as, electricity and water.
One of the Company’s major recent projects is a cooperation with Israel’s national water company, Mekorot. “mPrest’s solutions will be helping Mekorot reach potentially multi-million dollar savings per year,” says Ariel Daliot from mPrest.
“We’re looking to replicate our success with additional water and energy utilities around the world,” says Doron Gover from mPrest. We believe that effective government programs, like Israel NewTech, who have connections and experience in the cleantech industries all over the world, will help us accomplish our goals.”
mPrest has had very positive experiences with government programs in the past. “We received a round of funding from the BIRD Foundation, which helps Israeli companies partner with U.S. companies and invests government support in such partnerships,” explains Gover. Through the BIRD Foundation grant, mPrest partnered with the New York Power Authority (NYPA) who became a major customer. “The strategic connection with NYPA was more important to us than the funding itself, and it has proved itself tremendously already,” says Gover.
mPrest’s technology and products are field-proven, in the most demanding environments. The company employs over 170 people, and is expanding its international teams. The company’s software platform enable customers to view a full and coherent “situational awareness picture” targeted at saving energy and improving efficiency.
“mPrest has grown steadily, so that today it has the capability to become a major global player in monitoring and energy efficiency,” says Oded Distel, who heads the Israel NewTech program. “The recent funding round and the involvement of GE and OurCrowd opens up crucial new business avenues for mPrest. We look forward to continuing to work closely with mPrest, and to assist them in further expanding into the global water and energy industries.”