Parsable Raises $60 Million To Accelerate Connected Work

By Noah Long ● Aug 14, 2020
  • Connected Worker Platform company Parsable announced it has raised $60 million in a Series D round

Connected Worker Platform company Parsable announced it has raised $60 million in a Series D round. Activate Capital and Glade Brook Capital Partners co-led the round. And new investors Alumni Ventures Group, Cisco Investments, Downing Ventures, Evolv Ventures, and Princeville Capital also joined. Lorrissa Horton, vice president and general manager of WebEx Teams at Cisco, will be joining as an observer on the Parsable board of directors.

With this round of new funding, Parsable will be able to accelerate its growth including Asia, EMEA and Latin America, and invest in its rapidly expanding network of global partners and integrations. Plus the company will further deepen the enterprise depth and capabilities of its platform with the ultimate goal of increasing safety, productivity and quality output for essential industrial frontline workers.

The funding round also includes broad support from existing financial investors Lightspeed Venture Partners, Future Fund, and B37 Ventures as well as continuing strategic investments from the investment groups at Honeywell and Saudi Aramco Energy Ventures. This funding round brings Parsable’s total funding to over $133 million.

This level of investment serves as a testament to the market opportunity and validation that Parsable’s highly secure and enterprise-scale platform approach is what the market desires as opposed to using point solutions. And the Parsable Connected Worker Platform provides modern digital tools that help connect frontline workers to the experts, information, systems and machines necessary to drive safety, productivity, and quality in industrial and manufacturing operations.

Parsable customers include iconic companies like Corteva Agriscience, Grupo Bimbo, Georgia-Pacific, Henkel, Shell, Suntory, and Yara along with many other leading global producers in consumer packaged goods (CPG) manufacturing, paper and packaging, transportation, and energy. And the company’s Connected Worker Platform is globally deployed and has users in more than 130 countries, and is available in 14 languages.

The mobile-first Parsable Connected Worker Platform guides frontline workers and their activities through digital, rich-media standard work procedures, enables real-time and remote collaboration, and triggers automated actions in business systems and machines. And companies can then collect and analyze powerful new data on frontline work, including adherence to safety and quality criteria.

As a result, organizations can quickly and more accurately measure work execution, continuously improve work processes, and accelerate efficiencies and operational excellence across multiple teams and sites at scale.

In the past year, Parsable has rapidly expanded its worldwide footprint and usage, including:

– 11x year-over-year global growth in registered users

– 180% year-over-year global growth in sites deployed

– 190% year-over-year global growth in safety use cases deployed

– 155% global growth in completed safety-related work procedures by CPG customers between March 2020 and May 2020

Over 48% of respondents in a recent World Economic Forum (WEF) survey of the world’s top risk experts said they were most worried about the disruption of global supply chains as a result of the health pandemic. And another WEF report states that the COVID-19 crisis has impacted more than 75% of the world’s manufacturing outputs. Parsable is a member of the WEF and an active participant in its Shaping the Future of Advanced Manufacturing and Production Platform.

Parsable’s Frontline Work Connector for Microsoft Teams enables the collaboration between Microsoft Teams users and industrial workers on the manufacturing floor or out in the field thus empowering them to easily access and share the information they need to get their jobs done right.

KEY QUOTES:

“Despite these uncertain times, achieving this amount of funding proves that forward-thinking companies and the investment community are bullish about the criticality of human industrial workers in the world economy. Empowering frontline workers with modern, accessible yet powerful digital tools to increase safety, performance and quality is essential to the long-term resilience and flexibility of our supply chains.”

“Legacy systems and point solutions simply aren’t built for the type of agility and scale that is now necessary to achieve operational excellence. The Parsable Connected Worker Platform ticks all the requirements for flexibility, comprehensiveness, ease of use, and rapid time to value, and we’re excited for this next level of massive global growth.”

— Parsable CEO Lawrence Whittle

“Parsable is a key part of our overall digital initiative and our strategic plan to equip our employees with the right digital technologies to unlock new levels of transparency, consistency and collaboration. As industrial automation becomes more prevalent within our business, having that seamless connection between our human workers, machines and systems is critical, and this is where Parsable plays a leadership role.”

— Raul Obregon, chief information and transformation officer, Grupo Bimbo

“Activate was founded in 2017 to invest in innovative companies using digital solutions to transform the industrial economy for a more connected, intelligent and resilient future. After 18 months surveying the landscape of digital platforms for procedures and the ‘connected worker,’ we identified Parsable as the clear market leader. As companies accelerate their IIoT adoption and digital transformation, we see Parsable as the leader in connected, intelligent operations. We are excited to join the team and be part of their growth.”

— David Lincoln, managing partner, Activate Capital — who is join the Parsable’s board of directors

“Glade Brook is pleased to co-lead Parsable’s Series D financing. Parsable is the leader in SaaS empowering the connected worker in manufacturing and industrial environments. We believe Parsable is well-positioned to grow into a category-defining software business and deliver extraordinary ROI to its customers and partners.”

— Paul Hudson, founding partner and chief investment officer of Glade Brook Capital Partners — who is joining the board of directors

“We are at a tipping point in the digitalization of supply chain and manufacturing processes. These unprecedented times have accelerated the rise of a new, digital-first ‘normal.’ By connecting its Connected Worker Platform to Microsoft Teams, Parsable has redefined the way global industrial companies and frontline teams work together and leverage data across the entire supply chain.”

— Çağlayan Arkan, vice president manufacturing, Microsoft

“We see enormous potential in advancing safety and worker productivity in industrial workplaces around the world. We believe Parsable is a leader in its field and are extremely pleased to support the company’s growth plans.”

— Jonathan Meltzer, principal, Alumni Ventures Group

“Right now, more than ever, investable companies need to prove that they’re relevant and will be for decades to come. The market opportunity for Parsable includes every person in a job that is not behind a desk – that’s 2.7 billion people around the world. We’re thrilled to support Parsable’s mission to solve the immediate skills gap challenge resulting from a rapidly retiring industrial workforce, as well as fill the enduring need to improve the frontline worker experience through enhanced safety, productivity and connectivity.”

— Warren Rogers, partner, Downing Ventures

“A digital transformation is sweeping through the CPG industry, and like Parsable, Evolv Ventures and Kraft Heinz are looking to stay at the cutting edge of industrial technologies that will make us, as well as many other companies with industrial operations, more nimble, efficient and safe. Parsable is a true leader in connected worker platforms and by providing the digital tools industrial workers need to make critical data-based decisions, they are having a real impact on factory floors and warehouses around the world.”

— Bill Pescatello, managing partner at Evolv Ventures

“Princeville Capital is impressed with Parsable’s leading role in accelerating digital transformation in large industrial customers as part of its position in the Industry 4.0 revolution. By enabling workers with streamlined tools, industrial customers can vastly improve energy efficiency, waste reduction and overall decarbonization. We look forward to joining this journey with Parsable.”

— Eric Kosmowski, managing partner, Princeville Climate Technology Fund