We’ve invested in Prodsmart
Prodsmart is a startup based in Lisbon selling a software-as-a-service (SAAS) manufacturing execution system (MES) that replaces paper and spreadsheet-based systems with a mobile device based production tracking technology. The company has over 50 clients and is experiencing revenue growth as demand for smart factory and industry 4.0 application is starting to pick up.
Here is why we invested:
Timing: The market for manufacturing execution system (MES) has not evolved much for the long tail of the market since the 1990 when software was used for the first time to collect data on manufacturing and production processes. These systems were complex, hard to implement and often only accessible to larger production plants who could afford a custom system integration process. We believe that the time for mass MES adoption via the SAAS model is now and that Prodsmart will lead this effort.
Product: Prodsmart has built an MES that can be sold online and implemented instantaneously without any local system integration in the factory. Capturing real time production data is the first step for every factory to become a smart factory and benefit from connected supply chains.
Team: Gonçalo Fortes is a strong founder. He has bootstrapped the company with exceptional effort during the last year to achieve product market fit. He built the product based on his own work experience in a factory and has demonstrated strong leadership skills in building skilled and purpose driven team.
Market Size: Prodsmart can sell to any factory worldwide. The technology is built for factories with about 100 workers and a multi-stage production process. 95% of global manufacturing plants are SMEs and produce about 26% of global manufacturing revenue. 80% of the SMEs do not use any digital manufacturing execution system. In the digital transformation of the manufacturing sector, this is a massive opportunity.
Our Partner Tobias Schirmer will join the board of Prodsmart.