Austrian Asset Operations Platform ToolSense closes €8M Series A round

Vienna-based startup ToolSense announced the closing of a new €8 million Series A round led by investment company of PwC that specializes in industrial IoT.

• ToolSense was founded in 2017 by Alexander Manafi, Benjamin Petterle, and Rostyslav Yavorskyi as a spin-off from the University of Applied Sciences in Vienna. The startup provides an Asset Operations Platform that captures data from its IoT devices and digitizes all processes around the asset.
• The startup’s software and hardware solution is aimed to make it easy for asset-intensive companies to act on data insights and ensure full workflow digitization and business process automation.
• Using the ToolSence kit, the employees can, for example, report problems, follow preventive maintenance plans, digitize their fleet with IoT devices or even carry out daily processes such as safety or quality controls.
• According to ToolSense, the startup has tripled its sales in the past twelve months. To date, the platform is used by more than 700 companies globally in industries such as construction, facility management, heavy industry, municipal maintenance, hospitality, and manufacturing. 
• Apart from the Pwc, the round was joined by German venture capital firms Matterwave Ventures that focuses on deeptech and aws Gründerfonds. Some business angel also took part, in particular, the founder of Austrian PlanRadar that develops a digital SaaS platform for documentation, task management and communication in construction and real estate projects.
• ToolSense is planning to use the fresh funding for the further scaling, as Alexander Manafi said. The startup will invest in acquiring more customers, expanding its platform to additional use cases and industries.