Tech-Enabled Industrial Solutions

Tech-Enabled Industrial Solutions Investment Opportunities

May 2020

Table of Contents

▪ Executive Summary 02-04

▪ Target Profiles 05-11

© 2020 RocSearch. All Rights Reserved. 3

We leveraged our proprietary RocEye approach to identify actionable investment opportunities

UNIVERSE

SET1

RELEVANT

TARGET SET

PRIORITISED

SET

SHORTLISTED

TARGETS

1,500

300

30

6

Leveraged Databases,

Associations, League

Tables & Online

Directories to build a

robust Universe Set

Provide

Tech-Enabled

Industrial Solutions

SECTOR

(INDUSTRY 4.0)

Privately held

Backed by Private

Equity / Venture

Capital Firms, Angel

Investors &

Corporates with

minority stake

OWNERSHIP (PRIVATE)

Have clearly

articulated growth

plans and strategy

OTHER

DEALSIGNALS

Analysed and

prioritised Targets

with stated growth

plans and strategy

Prioritised Targets

offering Industrial IoT,

Workplace Safety,

Water 4.0, RPA and

AR-VR Solutions

SUB-SECTOR

(MULTIPLE)

Prioritised companies

offering unique or

disruptive solutions

Offer IoT-based

Workplace Safety,

RPA, AR-VR &

Water 4.0 solutions

Plan to raise funds

over next 12 months

to accelerate growth

– verified by CxOs

OUTREACH

(E-MAIL/CALL)

Emailed 500+ CxOs

across Targets to

enquire about their

appetite for raising

funds

Rumoured for sale /

seeking growth funds

(selected Targets)

RUMOURED

(M&A

TRIGGERS)

Leveraged

proprietary Text

Algorithm to screen

rumours for potential

deal triggers

Prioritised companies

with plans to raise

funds and about

which there are deal

trigger rumours

Included companies

across the globe

Headquartered in

the US, UK and

Germany

GEOGRAPHY

(GLOBAL)

Prioritised Targets in

US, Europe & Asia

Have Revenue of $1-

20 mn and expect

strong growth

REVENUE

(<= $150 mn)

Screened companies

with reported

Revenue <= $150 mn

I

II

III

IV

RcoEye Target Screening Approach

Source: RocSearch

Notes: (1) The following sources were leveraged to build the Universe Set: Capital IQ, PitchBook, MergerMarket, Crunchbase, LinkedIn, CB Insights, Startup Insights, Forbes, Angel List, Tracxn and online directories

Followed up and

interviewed CxOs

who replied

affirmatively to the

e-mail outreach

✓✓ ✓ ✓ ✓ ✓ ✓ ✓

✓ ✓ ✓ ✓

✓ ✓ ✓ ✓

✓✓✓✓


We shortlisted six high-potential targets that plan to raise funds over the next 12 months

Snapshot of Shortlisted Targets

Sources: Interviews with CxOs; Company Websites; Company Presentations; Press Releases; Capital IQ; PitchBook; LinkedIn

Note: While this deck focuses on the six shortlisted targets, RocSearch has developed a database of all targets across Universe Set, Relevant Set and Prioritised Set

Target Business Overview Sub-Sector HQ YoI Employees Revenue Funding Requirement

Target I

A leading IoT-enabled provider of workplace safety headsets and remote collaboration

tools for noisy and hazardous working environments; Expects 80% growth in revenue in

2020 and is witnessing 30% higher demand for its industrial remote collaboration tools

amid the COVID-19 crisis

Workplace Safety US 2016 75+ $20 mn

Raise funds by early-2021 to build its

nascent cloud platform into a SaaS

offering – CEO

Target II

An award-winning logistics automation company that provides autonomous mobile

robots and a cloud-based robotics platform deployable at a short notice; aims to

enhance its product capabilities and be profitable in the next two years. It could

consider an M&A deal or IPO a few years after its planned last funding round in 2021

RPA US 2014 140+ $10 mn

Raise c.$50 mn by mid-2021 to further

develop product capabilities and

expand business – COO

Target III

IoT-enabled exoskeletons and AI-powered data analytics solution provider for industrial

safety and reduction of workplace injury costs; expects to achieve c. $10 mn in revenue

and double its active customer base of 30+ large clients with 15,000+ end-users of

exoskeletons in 2020


Raise c.$20 mn in the near term to

expand R&D and sales & marketing

capabilities – COO

Target IV

IoT-enabled safety wearables and data analytics provider that serves clients in various

industries globally; expects revenue of c. $3-4 mn in 2020 and at least $7 mn of

contracted revenue for the next 2-3 years. It aims to be a core data platform provider by

outsourcing hardware production resulting in EBITDA margins as high as 70%–90%


Raise c.$40 mn by 2021 in order to

scale up it business and product

offerings – CFO

Target V

AR and VR platform provider for office maintenance, operations, training, remote expert

support and realistic simulation needs of enterprises; improved monthly recurring

revenue by 4x in 2019 and witnessing robust demand – closing one licence deal every

week

AR and VR GER 2012 50+ $3 mnRaise c.$10 mn in 2020 for business

expansion and growth – CEO

Target VI

Sensor-enabled pipeline monitoring solution provider with a proprietary algorithm for

pipeline system analysis. It expects a strong uptake of smart water monitoring systems

in its target markets and to achieve 30%-35% revenue growth in 2020

Smart Water

Monitoring / Water 4.0UK 2004 20+ $2 mn

Raise funds to enhance its analytics

tools and marketing capabilities and

expand its team and geographic

presence – CEO

Table of Contents

▪ Executive Summary 02-04

▪ Target Profiles 05-11


Target I: Provider of IoT-enabled workplace safety headsets and remote collaboration tools for noisy and

hazardous working environments

• Successful Funding Rounds in the Past

Has raised c.$117 mn in the past four years

via seed, early-stage venture capital,

mezzanine and debt funding rounds

• Innovative Product Line

Developed safe wearable headsets which

present no ignition risks in potentially

explosive atmosphere and are certified for

application in the oil and gas and other

hazardous sectors

• High Projected Growth

Expects 80% topline growth in 2020. Amid

the COVID-19 outbreak, it is witnessing 30%

higher demand for its industrial remote

collaboration tools

• Partnerships

Has an ecosystem of 200+ software

partners including Microsoft Teams, Cisco

Webex, and Zoom

• Awards and Recognition

Has various awards conferred upon it by

Augmented World Expo, Frost and Sullivan

and New Equipment Digest

Investment Considerations

Raise funds by early 2021 to build its nascent

cloud platform into a SaaS1 offering – CEO

Funding Requirement

HQ US

YoI 2016

Sector Industry 4.0

Sub-sector Workplace Safety

Revenue $20 mn

Employees 75+

• Qualifications: Varied qualifications across

industrial and product design, science, engineering,

finance, management, marketing, politics and

economics

• Experience: 20+ years of experience in product

development, intellectual property, information

technology, IoT and business development

Management Team

Key Facts

The target is a leading IoT company that provides hands-free, head-mounted, IoT-enabled

wearable headsets that receive information and voice messages in noisy environments from

Android tablets, the web and from co-workers, while working at industrial sites

Business Description

• Remote Collaboration Tools: Provides hands-free headsets with 7” display similar to a

tablet that can be attached to any bump cap and enables users to communicate even in noisy

and hazardous environments

• Hardware Products: Offers varied hardware products such as hart hat clips, wind filters,

headphones, bump caps, LTE2 dongles, borescope and vinyl skins used in manufacturing,

automotive, oil and gas sectors

• Handsfree Medical Kit: Provides handsfree, voice-enabled medical kits comprising of work

bands, thermal camera, LTE modem and other accessories to facilitate digital workflow,

remote mentoring and medical visualisation through purpose-built software

• Cloud Platform: Provides a cloud platform that offers a suite of cloud services for the

headset devices and accelerates the roll-out of connected work programs

Products and Services

• End Markets: Energy, Manufacturing, Automotive, Oil and Gas, Hazardous Industries,

Healthcare, Technology, Fast Moving Consumer Goods (FMCG)

• Key Clients: Has 1,200+ large enterprise customers including top electronics manufacturers;

software providers and pharmaceutical companies; leading IT, automation and engineering

companies; premium automotive manufacturers; global retailers and FMCG companies

End Markets & Key Clients

• Key Geographies: Has offices on the US West Coast, in the Netherlands, India and China

Geographic Presence

Sources: Interview with CEO; Company Website; Company Presentation; Press Releases; Capital IQ; PitchBook; LinkedIn

Notes: (1) SaaS – Software as a Service; (2) LTE – Long-Term Evolution

• Venture Capital / Private Equity: US-based venture

capital firms, corporate venture capital funds and

private equity /buyout firms

• Corporates: US-based leading wearable tech. and

automation companies, China-based AR company

• Financial Services: US-based Investment Banks

• Other Investors: US-based startup accelerators/

incubators, Singapore-based family office

Investors



Raised c.$94 mn in the past six years via

seed, early-stage and later-stage venture

capital funding rounds

• Sizeable Addressable Market

Operates in the North American

autonomous mobile robots market valued at

c.$10-20 bn and comprising c.60 operating

companies (Management Estimates)


Has developed a unique cloud platform for

deployment of robots within a few hours

• Proprietary Technology

Has 10+ patents across robotic joints, torso

sensing systems, and robot localisation

• Focus on R&D and Profitable Growth

Aims to enhance its product capabilities and

be profitable in the next two years and could

potentially look at M&A or IPO a few years

after its planned last funding round in 2021


Has various awards conferred upon it by

World Economic Forum, Fast Company,

IDC, SDC Executive and CNBC


Raise c.$50 mn by mid-2021 to further develop

product capabilities and expand business –

COO

Funding Requirement

Sources: Interview with COO; Company Website; Company Presentation; Press Releases; Capital IQ; PitchBook; LinkedIn

Notes: (1) OSS – Operational Support System; (2) DSS – Decision Support System; (3) ERP – Enterprise Resource Planning; (4) RFID – Radio Frequency Identification

Target II: Logistics automation company that provides autonomous mobile robots and cloud-based

robotics platform deployable at a short notice

HQ US

YoI 2014

Sector Industry 4.0

Sub-sector RPA

Revenue $10 mn

Employees 140+


engineering and managerial finance

• Experience: 20+ years of experience in robotics,

automation, financial analysis, sales & marketing

• Other Roles: The founders have co-founded and

are associated with other tech and robotics startups

Management Team

• Venture Capital: US-based early-stage and mid-

cap venture capital firms

• Financial Services: Leading US-based

investment banking & financial services company

• Corporates: UK-based cloud communication

company

• Other Investors: US-based individual angel

investor and investor groups

Investors

Key Facts

Target is an award-winning logistics automation company that provides a cloud-based robotics

platform and autonomous mobile robots to improve efficiency and productivity in warehousing

and intralogistics operations and material transport


• Cloud Platform: Provides a cloud platform to enable rapid on-demand deployment of robots

and facilitate integration of robotics with OSS1, DSS2 and ERP3 systems

• Autonomous Transportation: Deploys robots for automated material transportation within

factories, warehouses and distribution centres. The robots have integrated touchscreens and

adjustable shelving to enhance flexibility in material-handling tasks

• Autonomous Data Collection: Deploys robots to locate, track and verify inventory through

RFID4 tags and to collect inventory data

• Robotics Research Platform: Provides a common robotics platform for researchers around

the world to collaborate and share research and develop robotics software


• End Markets: Warehousing, Logistics, Material Handling, E-commerce, Manufacturing,

Automotive, Aerospace

• Key Clients: Top electronics and industrial distributors; third-party logistics providers amongst

the Top 25 in the US; leading aerospace and premium automotive manufacturers


• Key Geographies: Has offices on the US East Coast

Geographic Presence



Has raised c.$8 mn in the past eight years

via accelerator/incubator, seed, early-stage

and later-stage venture capital and debt

funding rounds


Operates in the US workplace safety market

where companies spend c.$250 bn p.a. on

workplace injuries (Management Estimate)


Has 38+ technology patents and is ISO-

certified and GDPR1-compliant. It aims to be

wearable-agnostic once other OEMs2 begin

producing similar hardware

• Proven Benefits Delivered to Users

Claims to have reduced injuries by up to

62%, increased productivity by up to 17%

and delivered annual savings of 220%-

465%, resulting in 5x ROI for select cases

• Strong Projected Growth

Estimates c.$10 mn revenue and 2x active

customers in 2020


Has received recognition from Time Best

Inventions, WSJ3, Forbes and HP3


Raise c.$20 mn in the near term to expand

R&D and sales & marketing capabilities – COO

Funding Requirement

Sources: Interview with COO; Company Website; Company Presentation; Press Releases; Capital IQ; PitchBook; LinkedIn

Notes: (1) GDPR – The EU General Data Protection Regulation 2016/679; (2) OEM – Original Equipment Manufacturers; (3) WSJ – The Wall Street Journal; (4) HP – Hewlett Packard; (5) OSHA – Occupational Safety and Health Administration

Target III: Provider of IoT-enabled exoskeletons and AI-powered data analytics solutions for industrial

safety and reduction of workplace injury costs

HQ US

YoI 2012

Sector Industry 4.0


Revenue $3 mn

Employees 40+


industrial design, engineering, technology, finance

and sociology

• Experience: 15+ years of experience in innovation,

technology, engineering, marketing and

management

• Other Roles: The founders are also members of

tech startup groups and mentors in management

schools

Management Team

• Venture Capital: US, UK, Hong Kong and Japan-

based venture capital firms

• Corporates: Japan-based leading electronics

company, US-based leading manufacturing

companies, Global insurance carrier

• Other Investors: US-based startup accelerators /

incubators and angel investors

Investors

Key Facts

The target is a leading workplace safety solutions company that provides IoT-enabled

exoskeletons along with sensors and artificial-intelligence- (AI-) driven analysis through cloud

platform that collects, analyses and predicts potential workplace injuries. Its solutions help

industrial workers ensure industrial safety, minimise injuries and reduce workplace injury costs


• Exoskeleton: Offers wearable exoskeleton to provide postural support, conformance to

OSHA5 safe lifting guidelines, and reduced arm and lower-back fatigue and injuries

• IoT Sensors: Monitor risks using machine learning to capture and analyse the chances of

musculoskeletal injuries and the injury-causing factors

• Cloud-enabled Software: Provides cloud-based software that receives real-time data from

an array of motion-interpreting sensors. Provides a real-time dashboard/platform that enables

enterprises to monitor, assess and intervene with speed and accuracy, driving competitive

advantage

• Platform: Provides a platform that runs data through an algorithm to generate workers’ safety

score and help deliver the appropriate interventions in case of injuries


• End Markets: Logistics, Distribution, Electronics, Manufacturing, FMCG, Retail, Automotive,

Utility, Insurance

• Key Clients: Has 30+ large clients with 15,000+ end-users of exoskeletons across all verticals

including top tier logistics companies; major German electronics manufacturers; luxury

automotive manufacturers; FMCG companies, retailers and wholesalers; shipbuilding and

utilities companies; and insurers


• Key Geographies: Has offices on the US East Coast

Geographic Presence



Has raised c.$23 mn in the past five years

via seed, accelerator/ incubator and early-

stage venture capital funding rounds


Operates in the industrial/workplace safety

market having estimated 400 mn end-users

globally (Management Estimates)


Has 8+ technology patents and has applied

for a difficult-to-obtain regulatory certification

for deploying its products in oil and gas

sector and approval is expected to be

received by end of 2020

• Strong Projected Growth & Margins

Expects c. $3-4 mn revenue in 2020 and at

least $7 mn of contracted revenue for the

next 2-3 years. Aims to be a core data

platform provider by outsourcing hardware

production resulting in EBITDA margins as

high as 70%–90%


Has received recognition from Forbes, Frost

& Sullivan, as well as the Chicago

Innovation Award


Raise c.$40 mn by 2021 in order to scale up

business operations and product offerings –

CFO

Funding Requirement

Sources: Interview with CFO; Company Website; Company Presentation; Press Releases; Capital IQ; PitchBook; LinkedIn

Notes: (1) ZigBee – A Wireless mesh network standard to deliver low-latency communication; (2) UWB – Ultra-wideband; (3) BLE – Bluetooth Low Energy

Target IV: Global provider of IoT-enabled safety wearables and data analytics that serves clients in various

industries

HQ US

YoI 2012

Sector Industry 4.0


Revenue $1 mn

Employees 30+


engineering, mining, technology and management

• Experience: 20+ years of experience in steel,

mining, energy, and refining sectors, technology,

finance, product management and strategy

• Previous Roles: In the past, the founders have led

the turnaround of a prominent steelmaker in the US

Management Team

• Private Equity: China-based private equity firm

• Venture Capital: US-, UK- and Russia-based

venture capital firms

• Financial Services: US-based financial services

company

• Corporates: Global leading manufacturing

companies

Investors

Key Facts

The target is one of the world’s most developed safety monitoring and data analytics companies

and provides IoT-enabled industrial safety through smart wearables, IoT platform, and safety

control center, enabling users to track each worker’s location for safety and manage any issue /

safety challenges


• Hardware: Provides hardware products such as wearables, mobile apps, tags, sensors,

monitors with real-time location system (RTLS) to enable geo-localisation, real-time sensor

data and audio/video communication through technologies such as LTE, Wi-fi, ZigBee1, UWB2

and BLE3

• IoT Platform: Provides open data platform with modular architecture that can be deployed

on-premise or on-cloud to enable peer-to-peer communication, collection of data and

provision of actionable intelligence to aid immediate, future, and pre-emptive action. The

platform can also be integrated with third-party systems

• Safety Control Centre: Provides an application for real-time notifications, response and

big-data analytics to provide worker safety, remote support, and integration with ERP software


• End Markets: Chemicals, Construction, Forestry and Logging, Machinery, Metals, Mining,

Mineral Mining, Paper, Petroleum, Plastics, Telecom, Transportation, Utilities, Wood and Oil

and Gas

• Key Clients: Leading US-based telecom company; global nuclear energy supplier and

Fortune 500 companies in the US and Europe operating across various industry verticals


• Key Geographies: Has offices in North America, South America, EMEA, APAC,

Russia/EAEU

Geographic Presence


HQ Germany

YoI 2012

Sector Industry 4.0

Sub-sector AR and VR

Revenue $3 mn

Employees 50+


Has raised c.$6 mn in the past seven years

via accelerator/ incubator, early-stage and

later-stage venture capital funding rounds


The global addressable market comprises

45,000 large manufacturing companies with

16,000 in Europe and North America, of

which c. 9,000 companies are in the

Machinery, Utilities and Transportation

sector (the target’s priority market)

• Market Opportunity

Estimates $81 mn of immediate potential

revenue from over 900 companies (i.e., 10%

of the target’s priority market)


MRR1 increased 4x from Dec’18 to Dec’19.

Currently, the company is closing about one

licence deal every week and is witnessing a

higher demand for its services


Has had various awards conferred upon it

by Gartner, Microsoft, ABI Research and

Tractica


• Qualifications: Varied qualifications across IT,

internet application development, science,

communication management, media informatics,

economics and sports

• Experience: 15+ years of experience in AR, VR,

digitisation, technology, marketing and branding

• Other Roles: The founders have also co-founded

other tech startups and are members of tech

startup groups

Management Team

• Venture Capital: Germany-based venture capital

firms

• Corporates: Germany-based leading engineering

and technology company and Spain-based

technology company

• Accelerators/Incubators: US- and Germany-

based startup accelerators and incubators

Investors

Raise c.$10 mn in 2020 for business expansion

and growth – CEO

Funding Requirement Key Facts


Notes: (1) MRR – Monthly Recurring Revenue; (2) TIS – Technical Information support; (3) CAD – Computer Aided Design; (4) PLM – Product Lifecycle Management; (5) GPS – Global Positioning System

Target V: AR and VR platform provider for office maintenance, operations, training, remote expert support

and realistic simulation needs of enterprises

The target is a globally recognised company that enables businesses to create in-house AR and

VR platforms and Applications to improve efficiency in production, maintenance, technical docu-

mentation, training and marketing. Its solutions facilitate improved knowledge transfer and cost-

efficient content authoring


• Operating System: Provides modular platform and operating system for enterprises to

transform traditional process manuals into interactive vertical-specific AR guides for

conducting maintenance, operations and training. The platform also provides interfaces to

TIS2, CAD3 and PLM4 systems

• Remote Support: Provides remote collaboration solution with live video and AR that directly

connects technicians to dedicated support experts. The remote support enables clients to

significantly improve maintenance, repair and support processes as well as reduce onsite and

travel costs for experts.

• Realistic Simulation: Captures movements of travelers to provide a realistic simulation of the

outside real world in the transportation vehicle along with live videos and GPS5-enabled travel

information


• End Markets: Automotive, Energy, Manufacturing, Utilities, Telecom, Transportation and

Healthcare

• Key Clients: Has 25+ large enterprise customers including leading global technology,

engineering and industrial automation companies; premium automobile manufacturers;

innovative transportation solution providers; telecom and healthcare companies


• Key Geographies: Has offices in Germany and on the US West Coast

Geographic Presence


HQ UK

YoI 2004

Sector Industry 4.0

Sub-sector Smart Water Monitoring / Water 4.0

Revenue $2 mn

Employees 20+


Has raised c.$11 mn in the last 16 years via

early-stage and later-stage venture capital

funding rounds


Is ISO-certified and has developed a

proprietary algorithm for pipeline system

analysis and has applied for its patent


Offers 24/7 automated monitoring of water

networks along with a detailed view of

network activity by aggregating statistical,

graphical information to give smart alerts


Expects a 30%-35% Y-o-Y revenue growth

in 2020. However, it may be lower due to

order delays amid the COVID-19 outbreak.

Orders are expected to revive once the

COVID-19 pandemic is brought under

control

• Awards and Memberships

Has won the “Water Industry Award 2020”

and is a member of the Smart Water

Networks Forum, the Sensors for Water

Interest Group and the British Waters Forum


• Qualifications: Varied qualifications in electronics

engineering, business management, finance, law

and marketing

• Experience: 20+ years of experience in utility,

industrial, military, aerospace, and automotive

sectors, in addition to signal processing

technology and research & development

Management Team

• Venture Capital: UK-based small and mid-cap

venture capital firms

• Private Equity: UK-based small-cap Private

Equity/buyout firm

• Funds: UK-based endowment fund managed by

university council members

• Other Investors: UK-based angel investor groups

Investors

The target is an award winning company offering intelligent sensor-enabled pipeline monitoring

technology, data collection and automated data processing to enable water utilities companies to

manage water and carry out predictive maintenance of water pipelines


• Water Supply Monitor: Collects data from fatigue-causing pressure transients at 128

samples/second to reduce leakages and pipeline bursts

• Fire Hydrant Monitor: Uses integrated, 4G-enabled, smart monitoring tool to assess

pressure distribution and transient activity on fire hydrant networks

• Waste Water Monitor: Deploys external sensors to detect bursts in waste water pipelines

• Transmission Main Monitor: Automatically collects acoustic data four times daily, assesses

monitored mains and identifies leaks

• Cloud Analytics Platform: Provides detailed view of network activity by combining powerful

data analytics with simple user interface

• Advisory Services: Identifies inadequacies in client’s monitoring systems and advise them

on remote monitoring structures


• End Markets: Water Utilities, Water Recycling, Wastewater Management

• Key Clients: Has deployed 200+ units for pipeline network monitoring in the UK; caters to

leading UK-based drinking water and recycling companies; leading drinking-water providers in

the US and Europe; State water authorities and Autonomous water management communities


• Key Geographies: Has offices in the UK and the US West Coast and provide services in the

UK, Europe and the US

Geographic Presence

Raise funds to enhance its analytics tools and

marketing capabilities and expand its team and

geographic presence – CEO

Funding Requirement Key Facts

Target VI: Provider of sensor-enabled pipeline monitoring solutions with a proprietary algorithm for

pipeline system analysis



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