Primo Digital invests € 2 M in Servitly

29 giu 2022 Press Release

Milan, June 29th, 2022 - Servitly, a software vendor that enables equipment and machinery manufacturers to generate new recurring revenues through "connected services," closes a €2.2 million investment led by Primo Ventures - through its Primo Digital and Primo Digital Parallel Italia funds - and supported by two business angels.

The new resources will enable the startup to accelerate its growth in the European equipment manufacturer market.

Founded in 2019, Servitly develops and offers a Cloud-based, no-code application software that contains all the modules needed by equipment and machinery manufacturers to implement and monetize their "connected services” offering.

The connected services enabled by Servitly represent an opportunity for equipment manufacturers to generate new value for their customers, increase their competitiveness, and create new sources of recurring revenue, for instance through the activation of ancillary digital services such as remote control of the machine for the end user, evolved and all-inclusive maintenance plans, maximization of performance, automatic reordering of consumables and spare parts, all the way to servitization in its most evolved implementations (pay-per_use or pay-per-outcome). The software’s architecture is independent from the underlying IoT technologies, and it integrates with the edge technologies and Industrial IoT platforms picked by the manufacturer.

Connected services are also a concrete step toward the circular economy and the active management of a machine's sustainability by the manufacturer. Reducing consumption, reducing environmental impact, waste management and reverse logistics can now become part of an equipment manufacturer's native offering.

Today Servitly serves more than 30 equipment manufacturers in Italy, UK and Germany, such as Domino Printing, SIAT Maillis Group, Baxi and has commercial partnerships with major players such as Vodafone Italy and Porini. There are more than 9,000 pieces of equipment connected to Servitly, with a growth of more than 50 percent in the past year.

"We are thrilled by Primo Ventures’s investment, which believed in us and in our vision on the future of equipment manufacturers, increasingly oriented toward a service offering, digital and physical, enabled by connected products. Thanks to this investment we have the opportunity to further accelerate our growth and be a key player in this future. Connected services and products are creating a new software market that will be worth more than 2 billion, and we want to be among the leaders in this new space" says Stefano Butti, CEO and co-founder of Servitly.

"Servitization is the future of manufacturing and Servitly offers a solution that allows OEM's to capitalize on this business opportunity fast and build recurring revenue. I'm excited to start this journey as an investor and business partner" adds Marc-Alexander Winter, Business Angel.

"Servitly has developed a software-as-a-service solution that solves the problem of servitizing complex machinery effectively and efficiently, and thanks to its no-code approach it can cut the time and cost of deployment by almost an order of magnitude. This is exactly the kind of solution that we believe will meet the needs of equipment manufacturers who have embarked on a digitization and sustainability journey, in line with the ESG policies adopted by Primo Ventures. We are very happy to be able to support the team in its development journey" adds Niccolò Sanarico, partner at Primo Ventures.

The company's work plans for the next two years include strengthening sales and marketing activities at a European scale, extending commercial and technological partnerships, and accelerating the product roadmap.

Servitly srl

Servitly is a software vendor that develops and offers equipment manufacturers a Cloud-based, no-code application software dedicated to the implementation and delivery of connected products and services. Servitly software leverages IoT technologies to collect data generated by connected products, transforms data into information, knowledge, advice and actions and adds all the workflows and UX components necessary to create and show the value of connected services to end customers. Servitly is a Digital Product-Service System (DPSS), a new generation software that manages the after-sales life cycle of connected products and provides the key digital components of a connected service: advanced monitoring, real-time data analysis and processing, reporting, algorithms and rules for maintenance, performance consulting, automatic reordering of consumables and spare parts, control and configuration, integration and advanced pricing models. Servitly helps machine manufacturers and service companies accelerate and maximize the value of their servitization initiatives.

www.servitly.com

Primo Ventures is an asset management company specializing in early stage technology venture capital in the digital and space sector. Primo Ventures currently manages the funds: Barcamper Ventures, Barcamper Ventures Lazio, in partnership with the Lazio Region, and Primo Digital in the digital sector and Primo Space Fund in the new space economy sector.

www.primo.vc

For more information: francesca.boni@primo.vc

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