Wearable tech company ProGlove raises $40M
Growth capital comes from Summit Partners in order to support the company’s international expansion
ProGlove has raised a $40 million investment from global growth equity firm Summit Partners. The company plans to leverage this funding to expand its international footprint.
Founded in 2014, ProGlove produces a scanner glove designed to improve the efficiency and effectiveness of scanning processes used across the manufacturing, logistics, transportation and ecommerce/retail sectors. The glove provides hands-free barcode and gives direct feedback to the user via optical, haptic and acoustic signals.
The company claims that the ProGlove's scanner unit allows users to reduce scanning time by up to 4 seconds per scan.
ProGlove's factory and warehouse floor integrations include Audi, BMW, Bosch, Daimler, DHL and Lufthansa Technik as part of more than 500 customers gained so far.
"Organizations seeking to maintain a competitive edge in the era of Industry 4.0 must rethink and reinvent the way in which humans and machines interact. Wearable devices acknowledge the importance of enabling a smarter, more effective worker in the industrial IoT environment," said Andreas Koenig, CEO of ProGlove. "Industrial wearables define the future of assembly, production and logistics processes. Our smart wearables are designed to function as a natural extension of the workers' tools, strengthening the role of the human in today's automated world."
"The market for industrial wearables is large and rapidly growing, and we believe ProGlove is well-positioned for continued growth as manufacturing and shipping processes increasingly depend upon smart scanning solutions to optimize productivity," said Johannes Grefe, a Principal at Summit Partners who has joined the company's Board of Directors.
"At Summit, we focus on partnering with companies that have the team, technology and vision to define the categories in which they operate. We believe ProGlove's customer-centric approach to product design presents a significant opportunity to empower the human worker while increasing workplace efficiency," added Dr. Matthias Allgaier, a Managing Director at Summit Partners who has also joined the ProGlove board.
"Our goal is to recognize and enable the value of human involvement in today's increasingly automated industrial environment," added Thomas Kirchner, Co-founder and Vice President Product at ProGlove. "We're excited to work with Summit to expand our global reach and bring the industrial IoT to the human workforce on an international scale."