German industrial Internet of Things startup ProGlove, which specializes in wearables for industry, today announced it has successfully closed its first funding round of $2.2 million. Intel Capital (lead investor), GETTYLAB and Bayern Kapital are supporting the company as it prepares to launch its smart glove system.
ProGlove develops smart gloves that enhance workers’ most important tools: their hands. Sensors and scanners embedded in the gloves enable manufacturing and logistics staff to work faster and more safely. The system alerts workers immediately to operational errors and allows the automatic recording of workflow and process compliance data. This data can be analyzed by business intelligence systems to increase enterprise efficiency and quality. ProGlove thereby enables a new level of business insight for both the modern enterprise and the human talent at its core.
“We see great value in supporting the worker in logistics and manufacturing industries, and we’re glad that in Intel, GETTYLAB and Bayern Kapital, we’ve found partners that share our vision,” said ProGlove founder and CEO Thomas Kirchner.
He added, “Intel Capital has immense expertise in technology development. And because a huge part of the automotive industry, our core costumer, is based in Southern Germany, it was logical to partner with Munich-based Bayern Kapital. Lastly, GETTYLAB provides a bridge of advanced engineering know-how between the U.S. and Germany that we can take advantage of as we build our presence here at home and look to thoughtfully expand to the U.S. in due course.”
ProGlove will use the funding to grow its team and launch its product later this year.
“ProGlove’s enterprise solution has great potential to reduce physical work stress, improve ergonomics and reduce costly workplace mistakes – not only in the automotive sector, but throughout the manufacturing and logistics industries,” said James Jackson, general manager of the Maker and Innovator Group at Intel Corporation.
GETTYLAB added, "ProGlove's unique combination of exceptional product vision and insightful applied engineering has allowed the team to work closely with its initial client partners to tailor new line processes that have a material impact on effectiveness and cost — a step change in possibilities that speaks to the key role human-centric design and engineering principles can have within the broader transition to Industry 4.0."
“With its innovative technology, ProGlove closely meets Internet of Things’ performance requirements which are playing an increasingly vital role in various production processes. We see great prospects for ProGlove in a promising market segment,” sums up Georg Ried, Managing Director at Bayern Kapital.
ProGlove develops smart gloves that enable manufacturing and logistics staff to work faster, safer and easier. Process steps can be documented handsfree and the smart glove gives instant feedback to its user. Through additional data points, ProGlove unlocks a new level of business intelligence. The Munich based company was founded in December 2014 after winning the Intel “Make It Wearable” Challenge with the goal to bring wearables in industry environment and make the worker ready for Industry 4.0. www.proglove.de
ProGlove PR Contact:
About Intel Capital
Intel Capital, Intel's strategic investment and M&A organization, backs innovative startups targeting computing and smart devices, cloud, datacenter, security, the Internet of Things, wearable and robotic technologies and semiconductor manufacturing. Since 1991, Intel Capital has invested US$11.7 billion in 1,445 companies in 57 countries, and 595 portfolio companies have gone public or been acquired. Through its business development programs, Intel Capital curates thousands of introductions each year between its portfolio executives and Intel's customers and partners in the Global 2000. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
GETTYLAB helps engineers and scientists in the U.S. and Germany build transformative new tools.
About Bayern Kapital
Bayern Kapital GmbH, based in Landshut, was founded on the initiative of the Bavarian government in 1995. It is a wholly-owned subsidiary of the Bavarian LfA Förderbank . As the venture capital organisation of the Land of Bavaria, Bayern Kapital provides equity capital financing for the founders of young innovative technology companies in Bavaria.
Presently Bayern Kapital manages eleven investment funds with a total volume of around €340m. So far, it has invested almost €220m in 240 innovative companies in the fields of technology in various sectors including life science, software & IT, medical technology, materials and new materials, nanotechnology and environmental technology.
In this way, more than 5,000 long-term jobs in sustainable companies have been created in Bavaria. www.bayernkapital.de
Bayern Kapital PR Contact:
IRA WÜLFING KOMMUNIKATION GmbH
Dr. Reinhard Saller / Jan Dermietzel
+49. 89. 2000 30-30
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