MaRS client MMB Research closes angel financing
MMB’s technology enables home appliances and devices to communicate on smart grid connected home area networks
Toronto, February 25, 2011 – MaRS Discovery District is pleased to announce that MMB Research, a MaRS cleantech client, has successfully closed a private placement of $1 million with a group of angel investors from Toronto. MMB will use the net proceeds of the angel round to expand its sales and development teams and further solidify relationships with industry partners in North America, Europe and Asia.
MMB has developed a combined software and hardware platform called RapidSE that significantly simplifies the process of getting home appliances and devices to communicate on a smart grid connected home area network. By automating significant portions of a complex wireless communications standard and adapting to different environments, RapidSE makes it easier and cheaper for device and appliance manufacturers to get connected products to market.
“MaRS has been instrumental in supporting the growth of MMB Research. Through MaRS, we have access to advisors with invaluable knowledge and experience. They have played an integral role in preparing and introducing us to investors and are directly responsible for the addition of one strategic member to our team,” says Daniel Moneta, CEO at MMB.
“Home energy management is a big piece of the emerging smart grid, it helps grid operators match electrical supply with demand,” says Tom Rand, Cleantech Practice Lead at MaRS. “We recognized early on that MMB Research brings real value to companies developing next-generation appliances and smart meters by helping them get to market faster with a more robust solution.”
About MMB Research
MMB Research (www.mmbresearch.com) enables manufacturers of consumer devices and household appliances to bring next-generation energy-aware products to market more rapidly, affordably and with less uncertainty in a new and evolving standards environment. MMB’s proprietary system, RapidSE, automates the process of getting connected and compatible with a secure smart grid home area network (HAN) and has the unique ability to adapt to different Zigbee-enabled networks to ensure compatibility for manufacturers and the end-consumers. MMB Research was founded and incorporated in Toronto, Ontario, in January of 2008.
About MaRS Discovery District:
MaRS Discovery District (www.marsdd.com) is a large scale, mission driven innovation centre located in Toronto and networked across Ontario, focused on building Canada’s next generation of technology companies. MaRS works closely with entrepreneurs in life sciences and health care, information, communications and entertainment technologies, clean tech, advanced materials and engineering, as well as innovative social purpose businesses.
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