The startup ProGlove, which specializes in industrial wearables, has closed its first financing round of €2 million. Investors in this financing round include Bavaria Capital Intel Capital and GETTYLAB. The young company will use the fresh capital to accelerate its production processes and prepare the market launch of its smart glove for the second half of 2016.
Things are going really well for the Munich startup ProGlove: First it was announced that the young company for the German Founder Prize 2016 was nominated and now the Munich-based company can bring Bayern Kapital, the venture capital company of the Free State of Bavaria, on board for their first financing round:
"With its business idea and innovative technology, ProGlove is closely aligned with the efficiency requirements of Industry 4.0, which are playing an increasingly fundamental role in various production processes. We are convinced that ProGlove will position itself excellently in its market segment with its product solutions. Furthermore, we are very pleased to be able to accompany ProGlove on its path to success together with the renowned and globally investing venture capital investor Intel Capital. All ProGlove investors have extensive expertise in technology development."
explained Dr. Georg Ried, Managing Director at Bayern Kapital. The founders are also looking forward to their journey together. Thomas Kirchner says:
"We see great potential in supporting workers in the logistics and manufacturing industries with our innovative technology. And we are pleased to have found partners in Intel, GETTYLAB, and Bayern Kapital who share our vision."
ProGlove brings transparency to manufacturing companies
ProGlove develops intelligent wearables that help make manual industrial work more efficient. The sensors and scanners integrated into the gloves allow workers in the manufacturing and logistics industries to perform their tasks more easily, quickly, and safely. The integrated system directly alerts workers to errors in the work process and automatically records workflow and process compliance data. This data can be analyzed by business intelligence systems, increasing both company efficiency and product quality. The Munich-based startup thus creates a greater level of transparency in manufacturing companies.
