ProGlove, a provider of industrial wearables with locations in Chicago and Munich, announced a $40 million investment from Boston-based global growth equity firm Summit Partners. The company plans to leverage this funding to expand its international footprint and support its mission to connect the human workforce with the industrial Internet of Things.
Founded in 2014, ProGlove offers a scanner glove designed to improve the efficiency and effectiveness of scanning processes used across the manufacturing, logistics, transportation and e-commerce/retail sectors. ProGlove's products are integrated into the factory and warehouse floor processes for several well-known brands, including Audi, BMW, Bosch, Daimler, DHL and Lufthansa Technik.
The company's smart glove provides an ergonomic, hands-free barcode scanning solution that helps workers increase productivity and optimize workflow, allowing users to reduce scanning time by up to 4 seconds per scan.
"The market for industrial wearables is large and rapidly growing, and we believe ProGlove is well-positioned for continued growth as manufacturing and shipping processes increasingly depend upon smart scanning solutions to optimise productivity," Summit Partners Principal Johannes Grefe said in a statement.
Grefe has joined the company's board of directors along with Summit Partners Managing Director Matthias Allgaier.