B-to-V leads €3m seed round for ToolSense

Also participating were existing investors AWS Gründerfonds, Segnalita Ventures, Martin Global and angel investor Georg Hoblik.

ToolSense plans to use the fresh capital to hire more employees in areas including software development and marketing and to develop its technology further.

B-to-V invested via its Industrial Technologies Fund, which held a fial close in October 2019 on €100m. The fund deploys equity tickets of €1-10m, focusing on startups developing technology for the industrials sector via AI, IoT technology and robotics, as well as data and analytics.

Previous funding
Segnalita Ventures and Martin Global invested in ToolSense in a pre-seed round in September 2017.

In October 2018, AWS Gründerfonds and Segnalita Ventures backed a funding round for the company.

Company
ToolSense develops IoT sensors for use in the after-sales processes and machinery in the industrials sector. The sensors are managed via its software platform and are used by OEMs (original equipment manufacturers) in the automotive industry. The company claims that its technology increases the efficiency and service life of machinery.

ToolSense has 30 customers and a workforce of 23 people, according to a statement. The company was founded in 2017 and is based in Vienna. Its revenues tripled over the past year, according to a statement.

People
ToolSense – Alexander Manafi (founder).
B-to-V Partners - Benedikt Kronberger (partner).
AWS Gründerfonds – Ralf Kunzmann (managing director).

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