Industry Startup ProGlove Raises 5.5 Million Euros in Funding
ProGlove, the Munich-based Industrial IoT startup, has successfully completed its second round of financing, totaling 6.7 million US Dollars (5.5 million Euros). The group of investors are Intel Capital, GETTYLAB, DIVC and Bayern Kapital’s Wachstumsfonds Bayern. ProGlove will use the capital to further scale its intelligent glove to North-America. One focus beyond internationalization will be additional software based applications to further integrate the worker to the Industrial IoT. To date, ProGlove has raised a total of 9.2 million US Dollars (7.5 million Euros).
Munich, 23rd April 2018
ProGlove connects the worker to the Industrial IoT and enables them to work faster and more ergonomically in production and logistic environments, amongst others. Since the launch of the first product, MARK, in October 2016, ProGlove has quadrupled its seven-digit sales from 2016 to 2017 and established itself as one of the leading industrial wearable companies in Europe.
Industrial processes are rapidly evolving in the age of IoT, yet we are convinced that human workers will remain their central importance. This is exactly where ProGlove’s technology offers significant growth potential, being perfectly tailored to fit the requirements of today’s manufacturing and logistic industries, and enabling workers to perform their tasks much easier, faster and safer“, explains Georg Ried, Managing Director at Bayern Kapital. „This successful financing round fully endorses our aspirational vision for ProGlove’s future; and together with Intel Capital, GETTYLAB and the new investor DIVC we are looking forward to supporting ProGlove in its expansion beyond Europe and the U.S. and into other international markets“, Ried continues.
“We are very pleased with our investors. With the new funding, we will focus on expanding our product portfolio with new hardware and software”, emphasizes founder and CEO Thomas Kirchner. “ProGlove began with a simple design prototype based on an old iPod – it is thrilling to see that our now 80+ strong team is supporting over 250 clients in a wide range of industries – including the automotive (BMW), retail (Rewe Group), e-commerce (Redcoon), furniture logistics (IKEA) and aerospace (Lufthansa Technik Logistic Service) industries.”
Peter Schwarzenbauer, Member of the Board of Management BMW AG, MINI, Rolls-Royce, BMW Motorrad, Customer Engagement and Digital Business Innovation BMW Group: “ProGlove initially developed its intelligent wearable at our Dingolfing plant. Our cooperation with this innovative and creative Startup has proven very successful from the beginning. Today the glove with the integrated barcode scanner supports our employees in almost all our European production and distribution facilities and we just started to introduce it in our factory in South Carolina, United States.”