Austrian after-sales IoT solution ToolSense raises €3M

Vienna-based company ToolSense has closed a €3 million seed round led by btov’s Industrial Technologies Fund and existing investors Gründerfonds, Segnalita Ventures, Martin Global AG and Dr Georg Hoblik GmbH, EU-Startups reports.

ToolSense, founded in 2017 by Alexander Manafi, provides an intelligent after-sales IoT platform that digitalizes the cooperation between machine manufacturers, distributors and their customers. The company develops a technology combining a comprehensive platform (software) with intelligent sensors (hardware).

According to ToolSense, both manufacturers, distributors and their customers benefit from using its services.

By digitizing the after-sales processes – making appointments, getting approval for cost estimates, selecting an available rental machine, the after-sales revenue can increase up to 10% and the process costs for service cases can be reduced by up to 90%. To date, the startup has more than 30 partners, including Stihl, Tyrolit and Wolff.

For partners’ customers, ToolSense offers “Smart Services”, such as remote monitoring, automatic spare parts deliveries, pay-per-use, predictive maintenance and staff training.

“With this investment, we are increasing our capacities accordingly and are well prepared to support many more machine manufacturers in their after-sales journey”, Manafi claimed.