It’s the Monday after a holiday week. So of course everyone’s announcing the funding rounds they didn’t want to announce last week, due to it being a holiday week and so many people being on vacation.
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To kick off this week, we’re highlighting three midsize deals, ranging each from $45 million to $55 million, that caught our eye. Notably, two of them involved German startups.
Munich-based ProGlove is an Industrial IoT company that’s making “smart wearables” such as intelligent gloves and arm mounted displays. Its smart glove, dubbed Mark 2, (per itself) “can be connected to other devices such as tablets, smartwatches or wearable terminals via Bluetooth Low Energy (BLE).” The company also makes a wearable scanner, dubbed Mark One S, that gives industrial users the ability to “scan while keeping their hands free.” Its goal is to help manufacturing and logistics staff “work safer, faster and easier.” Customers include Audi, BMW, Bosch, Daimler, and DHL.
Investors apparently like what they see. The five-year-old, 133-person company just raised a $40 million Series B from Boston-based Summit Partners. It’s raised a total of $49.1 million over its lifetime, according to its Crunchbase profile. Previous backers include Intel Capital (which has invested in ProGlove multiple times) and GETTYLAB.
In a press release, ProGlove said it plans to use the new capital primarily to expand its global footprint.
Over on this side of the pond, San Jose-based AppZen has developed a platform for finance teams that uses “deep learning, computer vision and semantics analysis” to help companies do things like gain better visibility, detect risks and identify misuse.
The seven-year-old company touts on its website that a fourth of the Fortune 500 use its offering. Its more than 1,500 enterprise customers include Amazon, WeWork, Salesforce, and Charles Schwab, among others. It’s just raised a $50 million Series C led by Coatue Management and that included participation from existing investors Redpoint and Lightspeed Venture Partners. The round brings AppZen’s total raised to $100.9 million since its inception, according to its Crunchbase profile. Previous backers include 500 Startups and Resolute Ventures.
In a press release, AppZen said it plans to use the new funding to “accelerate its mission to become the leading artificial intelligence (AI) platform for CFOs and their teams to reduce spend, comply with policy and streamline process.” It also noted that it “quintupled its revenue in 2018 and expanded to over 200 employees” and plans to increase its workforce by 146 percent by year’s end, “as well as expand its go-to-market efforts globally.”
Another German startup also announced a raise today. Volocopter makes electric air taxis in an effort to increase “urban air mobility.” Its goal is to “save people time and to help megacities transform their transportation systems towards a more sustainable future by adding a new mobility option for their citizens.”
The eight-year-old company announced in a press release today the first close of its Series C with a $55 million financing led by China-based Zhejiang Geely Holding Group Co. Ltd. that included participation from German auto giant Daimler. The round brings Volocopter’s total raised to about $89.7 million, according to its Crunchbase profile. Previous backers include Intel and Switzerland’s btov Partners.
In a press release, Volocopter said it expects a second closing of its Series C by year’s end. It plans to use the new capital “towards receiving commercial certification by the European Aviation Safety Authority (EASA)” for its VoloCity aircraft.
Illustration: Li-Anne Dias