Munich Re’s HSB Ventures led a $16.5 million venture financing for Mnubo, an Internet of Things, data analytics and artificial intelligence startup seeking to expand internationally. Both companies will also partner on new financial products.

Mnubo’s existing investors also participated in the Series B financing Whitestar Capital and McRock Capital, as well as other unnamed investors, the company said.

Mnubo, a Montreal-based startup launched in 2012, said it plans to use the money to help global equipment manufacturers and service providers advance what it termed “their data monetization strategy.” But Munich Re/HSB Group will work with Mnubo in a parallel partnership to bring to market financial products designed to provide risk management and return on investment for Mnubo customers who invest in IoT-related technology.

Greg Barats, president and CEO of HSB, said his company’s arrangement will help spur new business and innovation in a number of ways.

“We’re thrilled about this strategic partnership with Mnubo to bring to market a suite of financial and insurance related products based on artificial intelligence and machine learning on [Internet of Things] equipment datasets,” Barats said in prepared remarks. “HSB can help Mnubo’s customers realize meaningful results from their IoT investments.”

Added Frederic Bastien, Mnubo’s president and CEO: “HSB has 150 years of experience in insuring commercial and industrial equipment. This alliance with Mnubo enables the next-generation of IoT manufacturers and enterprises to benefit from a portfolio of IoT-based, data-driven financial products to accelerate [return on investment] by enabling IoT data monetization.”

Source: Mnubo, Munich Re/HSB Ventures