EIT Digital helped the scale-up to raise seed funding
EIT Digital Accelerator announces that one of its supported scale-ups, TEEPTRAK, a leading provider of real-time performance tracking solutions for the industry 4.0, has raised a seed round of financing to expand in Europe and in Asia with XAnge.
Based in Paris, TEEPTRAK provides a disruptive real-time monitoring system for production facilities. This system, compatible with any type of industry, can be implemented in old as well as brand new factories and is "ready-to-use" with both the required hardware and software to make it work. The very intuitive software on the shop floor and the centralized web based platform eliminates paperwork, brings real-time data and keeps track of the production flow. These features enable factories to have an accurate visibility over production and take better improvement actions based on accurate information.
TEEPTRAK make the performance monitoring brick of Manufacturing Execution Systems (MES) accessible to any production plant of any size because it is hardware agnostic. Their market is huge because any production line in the world can use their system and get immediate results.TEEPTRAK has already equipped the production lines of large corporates such as: PSA (Peugeot Citroen), Electrolux, Alstom, Essilor, Safran, Hutchinson as well as several SMEs all over the world. The solution is available in 9 languages.
The funding will enable TEEPTRAK to grow its commercial forces in order to continue its expansion in Europe and accelerate in Asia where the market potential is really attractive.
'Technically, our product is now really stable and the company is financially break-even. However, entering the B2B industrial market is quite of a challenge from a commercial point of view. With this first fund raising, we are now able to really get known, increase our market share and generate value for many more customers. Our goal is to make industrial connectivity easy and affordable both for MNCs as well as small players all over the world and we are now in the best position to do so', said François Coulloudon, CEO of TEEPTRAK.
'TEEPTRAK is an outstanding solution to accelerate the digital transformation of the production lines and factories, globally. We have been impressed by the agility of their product, addressing different verticals, that even Chinese manufacturing companies are thriving to purchase. We have been extremely pleased to support this Industry 4.0 company for its first fundraising.' said Daniel Michel, Head of Access to Finance at EIT Digital Accelerator.
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