The Munich-based wearable startup Proglove receives $40 million in growth capital from investor Summit Partners, which will enable the company to further expand internationally.
Proglove, founded in 2014, has received a $40 million investment from the American private equity firm Summit Partners. The Munich-based startup plans to use the new capital to expand its international reach.
Proglove aims to further expand with growth capital
At the same time, the company plans to continue researching how human workers can be connected to the Industrial Internet of Things (IoT). The last funding round in spring 2018 brought the startup 5.5 million euros, the previous 7.7 million euros. A total of almost 49.5 million euros of venture capital has been invested in the company so far. Proglove currently operates an office in Munich and in ChicagoThe company employs more than 160 people from around 40 countries at its two locations in Munich and Chicago.
The Munich-based company offers a glove scanner, which is designed to make scanning processes in manufacturing, logistics, transport, e-commerce and retail more efficient. Glove scanner serves as a natural extension of the work tools. Proglove's wearable products have convinced around 500 industrial customers worldwide, including Audi, BMW, Bosch, Daimler, DHL, and Lufthansa. The solution offers customers improved scanning efficiency of up to 50 percent.
Industrial wearables will determine assembly and logistics processes in the future
Andreas König, CEO of Proglove
"In the age of Industry 4.0, companies must rethink and reinvent the way humans and machines interact to create a competitive advantage. Wearables articulate the importance of empowering employees in the industrial IoT environment and giving them the tools for greater efficiency,"
says Andreas König, CEO of Proglove. He believes that industrial wearables will determine the future of assembly, production, and logistics processes. Johannes Grefe, Principal at Summit Partners and new member of the supervisory board of Proglove, similar:
“The market for industrial wearables is large and growing rapidly, and we believe Proglove is well positioned to continue growing as manufacturing and shipping processes increasingly rely on intelligent scanning solutions to optimize productivity.”
Matthias Allgaier, Managing Director at Summit Partners and also new member of the Supervisory Board at Proglove, adds:
“We believe Proglove’s customer-centric approach to product development offers a significant opportunity to empower the human worker while increasing workplace efficiency.”
