New Zealand's Vector invests $10m in Israel's mPrest

Natan Barak Photo: PR

Petah Tikva based mPrest provides monitoring and control software for the Internet of Things including "Internet of Energy" software.

Israeli startup mPrest has raised "a significant investment" from Vector Limited, New Zealand's largest electricity and gas provider. While the parties did not disclose the size of the investment, "Globes" has learned from a source close to the deal that Vector is investing $10 million in the Israeli company.

Petah Tikva based mPrest provides monitoring and control software for the Internet of Things (IoT) including "Internet of Energy" software. mPrest is best known for developing the software brains for the Iron Dome short range missile defense system.

Vector will also act as a reselling partner for mPrest in the Oceania region. Previous investors in mPrest include OurCrowd, GE Ventures, Angeleno Group, Israel Electric Corporation and Rafael Advanced Defense Systems Ltd.

Vector entered into the investment and reselling agreement with mPrest following its successful collaboration with mPrest to develop mPrest's mDERMS application. Being vendor agnostic, the mPrest “system of systems” unifies and optimizes network assets and enables new and emerging customer needs and generation sources to be integrated into the way a network operates.

mPrest CEO Natan Barak said, “Our partnership with Vector is what we strive for – a happy customer who gains confidence in our software and comes back not only wanting to invest in it, but also to help replicate its success for other customers. It’s common for our customers to expand their relationship with us after experiencing the benefits of our products. Vector’s interest in transitioning from customer to investor and business partner is a powerful vote of confidence in mPrest - an established player in the utility and energy space is not only willing to implement mPrest into production, but is willing to stand behind our product as a distributor as well.”

Vector CEO Simon Mackenzie said, “With the transformation of the energy sector in mind, we’ve already been leading the development of new customer solutions using our existing expertise in running energy systems combined with advanced technology and international partners.

He added, "This is a next big step. Using mPrest's comprehensive monitoring, analytics and control software allows us to manage complex energy systems in much more sophisticated ways, harnessing the power of artificial intelligence and rapid and cumulative decision making to unlock new energy solutions for consumers.

“This ‘Internet of Energy’ platform capability that has been co-developed is world-leading and we think is the next big evolution in energy systems and platforms. As well as using it to add significant ‘smarts’ to our own networks to benefit customers, we look forward to delivering these solutions to our partners and to other energy companies across Australia and the South Pacific, and in the process sharing in mPrest’s global success as an investor in the company.”

mPrest’s intelligent and adaptable “Internet of Energy” software, which “connects the dots” into a unified smart grid management system of systems, is ideally suited to the needs of the modern energy networks. mPrest’s system gathers and analyzes distributed energy resources, demand response and network data, enabling complete monitoring and control capabilities for a variety of energy utility operations while remaining open to allow for the integration of new functions and systems in the future. mPrest’s leadership in the “Internet of Energy” expands well beyond DERMS and recently received further confirmation from their announced partnership with the New York Power Authority (NYPA), through which NYPA uses mPrest software to manage asset health in its network.

The announcement was timed to coincide with the visit of Australian Prime Minister Malcolm Turnbull and New Zealand Governor-General Dame Patsy Reddy to Israel to celebrate the 100th anniversary of the capture of Beersheva from the Ottoman Turks by Australian and New Zealand forces.

The introduction between mPrest and Vector was made by OurCrowd, which is very active in Oceania and especially Australia.

OurCrowd founder and CEO Jon Medved said, "While somebody might ask what are Israeli companies seeking in Australia other than good beer, and cool waves - the answer is a warm business welcome, ample capital to invest and a great initial trial market with Western standards and access to Asia.”

Published by Globes [online], Israel business news - www.globes-online.com - on October 30, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Natan Barak Photo: PR
Natan Barak Photo: PR
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