Autodesk Acquires Prodsmart to Transform Manufacturing Across Europe
This week, we’re celebrating a huge win for European industrial manufacturing startups. Here’s why this acquisition is so important for industrial tech.
If you’ve been with us for a while, you know there are few things closer to our hearts than European industrial manufacturing technology. That’s why we’re thrilled to announce that Autodesk has acquired Portuguese factory digitization experts Prodsmart — a company we’ve backed since 2017 to help bring automation to factory floors across Europe.
Prodsmart’s real-time factory technology will allow Autodesk to offer a more comprehensive automation solution to its customers. More specifically, it will bring digitization and connectivity to the factory floor — with data at the center — to help manufacturers set up a truly collaborative end-to-end workflow.
Prodsmart and Join Capital: Our story
We first backed Prodsmart when it showed exceptional product market fit in its bootstrapping phase. Founder Gonçalo Fortes built the product based on his own work experience in a factory, demonstrated strong leadership skills from the get-go and amassed over 50 clients before we stepped in to help the team scale.
At the time, the vast majority of global manufacturing players were not up-to-speed in digitization. There was a digital divide between the high-tech giants, such as Siemens, and the smaller companies who were operating with analog processes. Gonçalo recognized this and set out to close that gap.
Since then, the company has taken full advantage of the prime market timing for cloud-based automation processes and factory digitization for European manufacturing. They’ve gone on to win numerous awards, successfully opened an HQ in the US and earned global recognition as an unparalleled value investment for manufacturers. We’ve always been excited to be a part of this journey and proud of the team for all they’ve accomplished.
Prodsmart’s acquisition is the next step in the company’s fruitful journey. Teaming up with an established global leader in design and make technology will allow the team to continue pursuing its mission of optimizing manufacturing businesses from the shop floor up.
What this means for European industrial tech
This type of acquisition should be a huge motivator for European industrial tech startups. The proof is in the exit: Europe’s large industrial tech companies are not just keeping watch on startups — they’re buying them.
In the last few years, European manufacturing has faced numerous challenges including unpredictable demand, unexpected production starts and stops and unreliable supply chains. Large industrial corporations have begun taking steps to become more adaptable in these conditions.
Technologies brought forth by startups such as Prodsmart are making it easier for large companies to tackle major challenges and unlock massive value.
We wish the Prodsmart team all the success going forward!
Read more about the acquisition here.