Teeptrak is a great (and very concrete) example of how startups can drive digital transformation for big industry, in this case thanks to data and real-time tracking. We’re very excited to back the team with a promising 1 000 000 euros seed round.
Bootstrapping done right
François was a consultant for the Boston Consulting Group’s Industry practice when he started working on Teeptrak. There, he had noticed that most times a machine was out-of-use, it was because of human or organisational factors, rather than technical. And companies had very little data or feedback on which to rely on to improve this strategic KPI.
Backed by a fellow consultant, he launched his venture and started working on his solution. Teeptrack relies on a smart combination of hardware & software to help operators report machine dysfunctions, and therefore build data sets. It worked pretty well : two years later, Teeptrak hadn’t raised a single additional dollar. It had clients, however, and pretty serious ones. Very few founders can hold so long without additional cash in the industrial sector. Could this be because François is an ultra-trail runner ?
Towards Industry 4.0, one step after another
Industry is a rough ground for startups. It has its own rules and rhythm, and can occasionally be averse to change or innovation (for obvious cost & security reasons). Teeptrak quickly met strong traction however, working with the likes of Groupe Peugeot PSA, Alstom or Essilor. This is thanks to its ability to easily integrate with the operating systems of Industry 4.0, which can be heavy. The whole solution can be set up in a matter of weeks and, as factory directors have told us : “this is a life changer!”
The only way we will reach industry 4.0 is with clean, relevant and usable data. We are getting there one step at a time, and this is thanks to companies like Teeptrak. We, as VCs, have our share to play in this. Opportunities for development increase as assets turn to digital and automation, and tech startups are going to offer more and more added value to the industry.
French startups can play their part
With the money raised, Teeptrak will accelerate until the next financing round — which should occur soon if we do our part of the job. The team will use the cash to strengthen its commercial effort around Europe and China — especially China, where most factories are nowadays, and where great startups like Teeptrak are very competitive.