ToolSense has announced an €8m Series A round of funding led by PwC IIoT, with participation from Matterwave Ventures and aws Gründerfonds, alongside angel investors including PlanRadar’s founders and co-CEOs Sander Van Rijdt and Ibrahim Imam.
ToolSense is the leading mobile-first Asset Operations Platform for maintenance, repair and operations teams in asset-intensive industries such as construction and facility management.
Today, asset-intensive companies in industries still rely on Excel, WhatsApp, and even pen and paper when it comes to managing their assets. This results in wasted time, complex safety challenges and wasted resources such as fuel or consumables.
ToolSense’s vision is to support maintenance, repair and operations teams by digitising asset processes, enabling automation and empowering smarter decisions. Through unifying assets, people and processes in ToolSense, the lives of frontline workers become easier and asset-intensive industries become more efficient.
Customers are reporting a 20% increase in productivity and a 60% reduction in unplanned downtime, combined with 20% annual savings in asset and maintenance costs after switching to ToolSense.
The company’s SaaS and IoT solution provides an advanced suite of functionalities designed to free teams in maintenance, repair and operations from Excel, pen and paper, and WhatsApp – with digital tools that streamline workflows, create transparency and boost productivity. With ToolSense, frontline workers can report issues, keep track of preventive maintenance schedules, digitise their fleet with IoT devices, and control daily business operations like safety or quality inspections.
The results are streamlined processes, better decision making and more efficient inspections with less wasted time and human error, improved safety, and complete visibility into the asset operations across the entire organisation.
Matthias Odrobina, Managing Director of PwC Holdings Germany, said: “Digitisation is a necessity for almost all companies in order to survive in today’s market environment. However, the question often arises as to the starting point and sensible investments that promise quick, positive success. ToolSense offers a simple and holistic solution here that provides answers.”
Founded in 2017, ToolSense saw rapid growth during and after the pandemic as organisations sought to solve difficult logistical challenges, remotely manage teams, increase transparency and develop smarter workflows.
In the last 12 months, revenues more than tripled while managed assets on ToolSense grew by 600%. Today, ToolSense serves customers globally in industries such as construction, facility management, heavy industry, municipal maintenance, hospitality and manufacturing.
The ToolSense SaaS platform is trusted by more than 700 companies across more than 30 countries, such as TYROLIT, Leonhard Weiss, WISAG, Compass Group and STIHL, and was able to win renowned industry awards such as the Construction Equipment Forum Startup Award, the Futurezone IoT Award, and the Interclean Innovation Award.
The company will use the new capital to push that growth by adding to its 25-person staff, increasing sales and marketing activities, and expanding its platform to additional use cases and industries. Thus, ToolSense continues on its path to becoming the global market leader in the emerging €56bn Asset Operations Software industry.
Alexander Manafio, CEO and Co-Founder of ToolSense, commented: “We are tackling a global challenge with a lot of impact, and it's getting even more relevant now, through upcoming ESG regulations and increasing cost pressure through inflation. This is why we are excited to partner with PWC IIoT on bringing ToolSense to even more customers, industries, and use cases through our Series A funding round.”
