ToolSense builds six-figure deal

ToolSense, an Austria-based edge computing spinout of University of Applied Sciences Technikum Wien, has raised a six-figure sum (€100,000 = $115,000) from state-owned fund aws Gründerfonds and VC firm Segnalita Ventures.
ToolSense has developed an industrial internet of things platform that enables construction tools manufacturers to integrate a module that collects, analyses and compresses sensor data locally – an approach known as edge computing.
The module sends only the data insights to the cloud, rather than transferring all raw data, reducing energy and bandwidth usage and costs. ToolSense’s more than 20 clients include telecoms firm Deutsche Telekom and insurance provider Helvetia Versicherungen.
The technology was developed by Rostyslav Yavorskyi, Benjamin Petterle, Stefan Öttl und Alexander Manafi in the deep tech incubator program at Technikum Wien.
The funding will allow ToolSense to grow its operations, expand across Europe and further develop its product offering.
Segnalita Ventures had previously contributed to a six-figure funding round in November 2017 that also featured investment firm Martin Global.