Vienna: Austrian startup ToolSense, which is giving power tool manufacturers a competitive advantage with its after-sales IoT solutions, has closed a €3 million seed round. The seed financing round was led by btov’s Industrial Technologies Fund as well as existing stakeholders aws Gründerfonds, Segnalita Ventures, Martin Global AG and Dr. Georg Hoblik GmbH.
Since its foundation in 2017, ToolSense has established its intelligent IoT solution bringing live-tracking and sensor data-analytics to hand-operated power tools. The startup now has more than 30 customers, including companies such as Stihl, Tyrolit and Wolff.
In short, ToolSense provides the digital link between machine manufacturers and their end customers. Consisting of an IoT hardware as well as a web and app application, machine builders can gain up to 10% sales increases by using ToolSense. In contrast, process costs for service cases can be reduced by up to 90%. End customers also benefit from functions such as automatic display of the machine location and digital inventory of the entire machine fleet, regardless of make.