HOUSTON, Apr 16 2019 – Innovapptive, a leading connected workforce platform for asset intensive industries, announced today a Series A investment of $16.3 million led by Tiger Global Management, LLC, a New York investment firm. The financing will be used to fund Innovapptive’s continued global expansion and for further investment in its conversational operations platform. The new funding brings the company’s valuation to more than $65 million.
Innovapptive’s conversational operations platform enables equipment, machines, materials and drones talk to industry workers, field workers, back office, suppliers, back office and executives to help deliver a unified experience for a highly efficient operating model. As a result, Innovapptive customers are growing their revenues and profitability. With this new funding, and more to come, Innovapptive is committed to drive the Industry 5.0 paradigm shift, where the human will be in the center of things—machines and methods are able to connect seamlessly in highly intelligent workflows.
“As we continue to strengthen our products, we’ve already seen compounding benefits for our customers. Insights become richer when fueled by data across the operations life-cycle - equipment, machines, materials can talk to field workers, industry workers, suppliers, back office, and executives to get a unified experience, and we can provide better software at a lower cost", said Sundeep Ravande, CEO and Co-founder of Innovapptive. “As we look ahead with a fresh round of funding, our aspiration to build a whole new category and the only "Conversational Operations" platform remains unchanged."
“Innovapptive has developed a leadership position helping industrial companies improve the productivity of their employees and their capital assets,” said Scott Shleifer, Partner at Tiger Global Management.
Innovapptive is a global leader for industrial connected worker solutions with a purpose to help improve people’s lives with the next generation Connected Workforce Platform™. The platform digitally connects the entire industrial workforce, executives and back office to minimize plant outages and improve operational excellence. By engineering a platform that fuels innovation and collaboration, Innovapptive is transforming the experience of the industrial worker to increase revenues and margins for its customers. Innovapptive is headquartered in Houston, Texas with offices in Australia, Netherlands
About Tiger Global Management
Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm’s fundamentally oriented investments focus primarily on the global Internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry’s, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore, and Melbourne.