TEEPTRAK raises €3 million for the second time
After an initial fundraising round of €1 million in 2018, TEEPTRAK is closing a second round of financing of €3 million from EDF, via its Corporate Venture EDF Pulse Croissance and its historical investor XAnge (Siparex Group). This round of funding will enable TeepTrak to accelerate its development in France and internationally and launch new products to make industrial performance measurement even more accessible.
A benchmark in industrial performance
With more than 150 customer factories on 4 continents, TEEPTRAK is now deploying its industrial performance monitoring solutions in a large number of SMEs and ETIs, as well as with major players such as PSA, Hutchinson, Eolane, Essilor, Nutriset, etc. The scale-up doubles its turnover every year and is now a benchmark in the industrial market with its competitive, easy-to-deploy solution.
This new round of financing confirms the solidity of TEEPTRAK’s business model, the relevance of its strategy and the confidence of investors in its growth potential. It also demonstrates that industrial performance monitoring is a key industry activity.
‘By offering a simple and accessible solution, TEEPTRAK enables manufacturers and SMEs to improve their performance and competitiveness, in line with the services offered by EDF to its industrial customers. Commercial synergies are to be built and TEEPTRAK will be able to rely on EDF’s strong presence in France to continue its deployment in France. I’m convinced that improving the efficiency of industrial processes is likely to contribute to the fight against climate change, so I’m delighted to be starting our collaboration with this promising start-up’ Michel Vanhaesbroucke, Director of EDF Pulse Croissance.
‘Since XAnge came on board, TEEPTRAK has demonstrated its ability to get to the heart of production lines and improve its customers’ performance through specific use cases. This strategic position should enable Teeptrak to offer its customers high value-added technological solutions in the years to come. In view of the company’s recent developments, it is only natural that XAnge has chosen to participate in this new round of financing alongside EDF. Alexis du Peloux, Principal, XAnge.
International ambitions
The systems have already been translated into more than 15 languages, and this second round of funding will enable the company to open offices in Germany, Italy, North America and a second in China, where it has been based since 2018.
‘After overcoming the main technical challenges and putting many essential functions into production, our solutions have reached a level of maturity that enables us to guarantee very large-scale deployments. Our online academy, comprehensive documentation and carefully thought-out ergonomics mean that our customers can now easily equip their plants.’ François Coulloudon, CEO of TEEPTRAK.
About EDF Pulse Croissance
Created in 2017, EDF Pulse Croissance is the EDF Group’s corporate venture and incubator. EDF Pulse Croissance’s mission is to explore the ecological and digital transition and create new growth levers for the Group by offering its customers (individuals, businesses, local authorities) innovative and competitive offers and services. Since its creation, EDF Pulse Croissance has invested in more than 20 start-ups and is a partner in sixteen funds. Its financing capacity
60 million in 2020 (excluding exceptional operations). The areas of focus are the performance of production facilities for business customers, services for residents, sustainable regional management and decentralised energy systems.
About XAnge
XAnge is Europe’s leading venture capital firm, based in Paris and Munich, investing in innovative start-ups operating in the digital, enterprise data, fintech and deeptech sectors. Since we were founded in 2003, we have had the privilege of working alongside exceptional teams with strong values, behind companies such as Ledger, Lydia, Odoo, Neolane, Believe Digital, Evaneos, Welcome to the Jungle, Chauffeur Privé/Kapten and many more.
others. XAnge is part of Siparex, an independent private equity group with over €2 billion under management.
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