String Of Funding Deals Indicates Growing Momentum For The Connected Worker Solutions Market
On August 11, 2020 Parsable the California-headquartered connected worker platform vendor raised $60 million in Series D funding bringing the total amount of funding raised till date to more than $133 million. Just a few months before, in June 2020, Librestream, the Canadian augmented reality solutions provider announced that it had raised $24 million in funding from new and existing investors led by the Canadian Business Growth Fund. Also, in June 2020, Poka a connected workforce solution provider for manufacturing operations raised $6.4 million in investment led by SE Ventures, the venture capital arm of Schneider Electric.
The string of funding deals shows increasing demand by firms for connected worker solutions made more urgent by the Covid-19 pandemic. With staff being furloughed and social distancing measures in place, the need for connected worker solutions for remote support from experts, lone worker tracking, geofencing, vital signs and environmental hazard monitoring in real-time have witnessed a sharp rise. In the Verdantix 2019 survey, 91% of the 284 operations, maintenance, engineering and process safety executives mentioned connected worker platforms to be significant for their future operational excellence initiatives.
The challenge? A dizzying array of connected worker solutions are available to customers, each with their own interpretation of the term and supporting a plethora of functionality, making it a complex exercise for safety or operations managers to find a solution that best-fits their needs. Recent Verdantix research indicates that four types of connected worker solutions exist in the market and in order to make a coherent decision customers must understand the capabilities, limitations and costs associated with each.
For more insights into connected worker solutions, read the following Verdantix reports: Strategic Focus: Four Types Of Connected Worker Solutions Emerge, Industrial Wearables Survey 2019: Budgets, Priorities & Tech Preferences, Connected Worker Devices Market Size And Forecast 2019-2039 (Global)