Uitlity operator Vector has paid $10m for a minority stake in mPrest, an IoT control software developer that had already raised $20m in a GE-backed round.

New Zealand-based energy and telecommunications utility Vector has invested $10m in mPrest, an Israel-based developer of control software for the internet of things (IoT).

Vector has acquired a minority stake and the option to increase its position, according to Reuters, which also reported that defence technology provider Rafael Advanced Defence Systems is mPrest’s largest shareholder, with a 50% stake.

Founded in 2003, mPrest has developed a platform to monitor and control IoT products using real-time situational information. It has a…