Warsaw, Poland, 10 September 2019
EEC Magenta finalizes another investment
EEC Magenta has invested in the innovative corporate field force automation platform TakeTask. This is the second investment the fund finalized after the first one which was announced last month.
The largest corporate venture capital fund in Poland will invest about PLN 2 million in TakeTask. The company specializes in automating processes in corporations. “Our clients are large retail chains and we develop an offer for industrial, service and restaurant operators,” says Sebastian Starzyński, founder and CEO of TakeTask. The company uses artificial intelligence to optimize processes. The new solutions partially replace the issuing of tasks and control their execution in-field. “We build a platform for the communication, creation and distribution of tasks, as well as gathering feedback in companies where many groups of employees do not use computers on a daily basis,” explains Starzyński. “We are also striving to integrate our solutions with predictive analytics systems optimizing maintenance costs,” he adds.
TakeTask carries out projects primarily in Poland but also in Germany, Russia, South Africa and Slovakia. Some of the funds obtained from the EEC Magenta the Company will allocate to expand software development and project management teams. “We are developing the first such comprehensive platform in Poland. Thanks to the financial injection, we can do it much faster and serve more customers. We will be able to start tests in all of the companies that are interested in our application” says Sebastian Starzyński.
“TakeTask is able to commercialize artificial intelligence, offering customers increased productivity and reduced costs” – evaluates Michał Rumiński, managing partner of the EEC Magenta. The fund recognises the potential for company growth outside of Poland. “The investment will also be used to promote TakeTask to clients in other countries,” continues Rumiński. “We operate in accordance with the EEC Magenta model to support Polish, innovative technology companies in expanding to foreign markets,” he adds.
“We set the bar very high. EEC Magenta, however, supports us in the process of expansion, not only with the investment but also with knowledge, experience and their business network. This is very much a partnership approach to the challenges posed”, says Sebastian Starzyński.
The investment in TakeTask is the second one EEC Magenta has finalized after the first one which was announced last month. Previously, the Fund reported taking up shares in Reliability Solutions, a predictive analytics company based in Krakow.
EEC Magenta is the largest Polish CVC investment fund and has been created by EEC Ventures in partnership with PFR Ventures, NCBR (The National Centre for Research and Development) and Tauron Polska Energia within the framework of the PFR NCBR CVC program. The EEC Ventures group manages venture capital funds of a total capitalization of PLN 210 million. EEC Magenta is focused on the financing of digitalization in the energy sector, in industry and the circular economy. The fund is managed by Michal Rumiński, Rafał Małecki, Voytek Siewierski and Konrad Sitnik. The partners together have considerable experience on the Polish, European and American venture capital and private equity markets. They have been working together for over 12 years and have concluded a range of successful transactions.
Kraków, Poland , 1 August 2019
Reliability Solutions, fast growth predictive & prescriptive analytics company, has realized EUR 3 M series A financing from Icos Capital, the Netherlands and EEC Magenta , Poland
Reliability Solutions (“RS”), a spin-off of the AGH University of Science and Technology in Kraków, has raised 3M EUR funding from ICOS Capital and EEC Magenta to deliver deep learning based Predictive and Prescriptive Analytics solutions for Industrial Operational Excellence to the industry.
RS helps to deal with a range of problems encountered in modern industry – predict any kind of unwanted events, analyze different problem-solving scenarios, propose the most cost-effective solutions and finally – optimize the entire process. Such approach creates completely new opportunities and opens the door for Industry 4.0.
The solutions developed by RS deliver a true breakthrough, capable of addressing the majority of issues related to Predictive/Prescriptive Analytics systems. Machine learning and AI based powerful analytis engine (using variety of algorithms such as random forests, XGBoost and Deep Neural Networks) can automatically preprocess huge amounts of data to provide a deep insight and assure the highest possible prediction accuracy of system failures. Proprietary analytical pipeline creates advanced AI models automatically, which significantly decreases time to deploy and ensures scalability.
Investment in Reliability Solutions is the first investment executed by EEC Magenta – the biggest Polish corporate venture capital fund established by EEC Ventures in partnership with PFR Ventures (Polish sovereign VC fund of funds), NCBR (Polish National Centre for Research and Development) and Tauron Polska Energia.
Cash raised in Series A will be used to cover company’s growth and expansion in Europe.
Reliability Solutions was supported at its pre-seed stage by Giza Polish Ventures and the Polish Institute for Research and Development, as part of the Bridge Alfa program implemented by the National Center for Research and Development.
About Icos Capital
Icos Capital is a European venture capital fund manager headquartered in Rotterdam, The Netherlands, focused on investment propositions that promote sustainability of human beings and their environment. Icos Capital invests from a collaborative venturing fund established in partnership with Nouryon, Bühler Group and Royal Cosun.
About EEC Magenta
EEC Magenta is a Polish venture capital firm, part of the EEC Ventures group, headquartered in Warsaw and with a total capitalization of 50 million euro. EEC Magenta is focused on financing sustainable economy, the digital transformation of utilities and heavy industries. Investors in EEC Magenta funds include Tauron Polska Energia, PFR Ventures and the National Centre for Research and Development.