A Milestone for Connected Work
Today, Parsable announced a significant milestone: $60 million in a new Series D funding, bringing our total raised to more than $133 million. This truly validates the enterprise market for Connected Worker solutions.
We are thrilled, of course, but also realize that these are extraordinary times for the world and industry. Raising money in the best of economic climates is a long and sometimes exhausting experience; as always, it’s a detailed analysis of your business and the market that lays bare the opportunities and the challenges. As we prepared for the funding process back in January and February, we knew what to expect. We could highlight the major progress of our business, our technology, our customers and our team. Then COVID-19 hit. As we cancelled flights, rescheduled meetings, and got to know the intensity of video conferencing better than we ever wanted to, we had to ask the question: Is now the right time to raise new funding?
What quickly became clear was this: Frontline workers, often overlooked, are critical to our global economy. In manufacturing, companies quickly shifted production lines and implemented 24/7 schedules to meet enormous spikes in demand for bath tissue, hand sanitizer, personal protective equipment and other essential products. By keeping workers safe and productive, supply chains, organizations and entire countries are in a better position to adapt to change anytime, anywhere – pandemic or not.
Since our founding in 2013, Parsable’s mission has been to empower the world’s 2.7 billion deskless workers with modern digital tools that improve safety, productivity and quality. In doing so, we see a future of work where digital transformation puts people first, augmenting them with technology to work alongside advanced automation to power the industrial world.
Digital transformation was a priority even before COVID-19. Now, everyone recognizes that it’s a business – and more importantly, people – imperative. In that sense, we believe even more so that what we’re doing is for the right reasons – and that there’s so much more we can do. This is why we pursued our fundraise. This is exactly the right time.
Over the past seven years, we’ve learned a lot about our customers and the market. Our users are present in over 130 countries. Our Connected Worker Platform now supports 14 languages and hundreds of use cases. With the close of this latest fundraising round, we plan to double-down on supporting our current customers as well as accelerate our growth, including continued expansion in Asia, EMEA and Latin America. We also plan to invest in our network of global alliances, so we can integrate our technology faster and at an even greater scale. And, of course, we expect to further deepen the enterprise capabilities, scale and functionality of our platform.
Not least of all, we plan to make new commitments to driving climate-positive change and sustainability. Manufacturing consumes around 54% of the world’s energy and is the source of 22% of greenhouse gas emissions in the United States. Improving sustainability in manufacturing is now a key strategic priority for the World Economic Forum, of which we’re an active member.
We remain more committed than ever to frontline workers and to accelerating some of the world’s most iconic companies and brands on their digital transformation journey. Many of them – like Coca-Cola, Daher, Henkel, Pirelli, Suntory and Yara – have been around for over a century, showing incredible resilience through both good and challenging times. We’re proud to be a partner and look forward to another 100 years.
The last few months have been a humbling experience as I watch our customers deliver amazing feats in the most challenging operational environments I have ever witnessed. This funding is a testament to all of the people on the frontline of industrial operations.
For more information on our fundraising, please read our press release.
Stay safe, stay healthy and stay connected,