First Momentum Ventures is backing PEERS, the personnel development platform!
On-going automation and the short development cycles of new technologies allow the constant drop of new products to the market — which is highly appreciated by us consumers, right? — but as a downside, this leads to ever-changing requirement profiles for employees, which demands high flexibility. Employers are forced to adapt to this development and continuously train their employees.
Our newest addition to the First Momentum Ventures family, Peers, links an HR software with AI, answering the prayers of HR departments, looking for personnel development solutions to tackle the tremendous change within our economy!
So what does Peers do?
Peers present a platform for employee development with an initial focus on the industrial manufacturing industry. Their platform offers companies individual learning opportunities for their employees through personalized learning paths powered by AI. The core of the platform is a new technology developed by Peers to help ensure that a staff member can gain their most optimal learning experience. By aggregating third-party learning opportunities, Peers can access a wide range of services from day one on and is not forced to create its own learning content. This makes Peers a strong intermediate between traditional learning providers and their customers. They aggregate diverse learning opportunities on one platform, offering an optimal user experience.
Why First Momentum chooses to invest?
From our point of view, Peers enters a promising market at the right time. While the global market for employee development is stated to be over EUR 350 billion, the European e-learning market is estimated at about EUR 35 billion. In Germany, industrial companies are increasingly aware of the shortage of skilled workers and having to adapt their digitization processes at the same time, so there is a huge need for Peers product. These companies ask themselves the question: What tasks do my employees have to do in the future? How are the requirements of the digital transformation changing? What skills do my employees need? Which training measures are effective to acquire these competencies? Peers has the answers to that. That is why, we at First Momentum Ventures firmly believe, the AI startup has the opportunity to grow enormously with the expanding market and become firmly anchored.
With their initial focus on industrial manufacturing and currently on metalworking, in particular, they have chosen a niche in which they already have both expertise and a large network, building their first customer base. Before their first round with us, they were already able to roll out pilot projects with Riguzzi and Trumpf (the latter of which, also chose to invest!). After gaining important experience within that branch and optimizing their software and AI even further, we are convinced, that Peers will be successful in other segments and markets.
We greatly value the dynamics within the team, their ambitions, and impressive drive. With our own technological expertise, we believe that we can meaningfully support Peers on their journey. Furthermore, we see ourselves as the ideal partner to support with our contacts in the SME context and to prepare them for the next financing round in the best possible way.
As a pre-seed investor, we help your startup to gain its first momentum by backing you with a first investment as well as world-class mentoring, a strong community, and the required know-how. Read more at firstmomentum.vc, stay up-to-date with our newsletter or get in touch through Twitter, Facebook or LinkedIn.