Darmstadt, September 27, 2022 – Darmstadt-based core sensing GmbH, specializing in innovative sensor solutions for machine components, has raised €4.5 million in growth capital from an investor consortium led by OCCIDENT. The financing round also included strategic existing investor Poppe + Potthoff (P+P), which has been invested in core sensing since the seed round in 2020, strategic new investor BHS Corrugated Maschinen- und Anlagenbau GmbH, and BMH Beteiligungs-Managementgesellschaft Hessen mbH via its fund Hessen Kapital III (EFRE) GmbH.
Founded in 2019 as a spin-off from TU Darmstadt, core sensing specializes in the acquisition, analysis, and interpretation of measurement data. Smart sensors inside mechanical components – combined with intelligent algorithms – provide valuable insights into machines, plants, and commercial vehicles, allowing them to be digitized in series production and operated more efficiently. core sensing’s solutions enable companies, for example, to monitor components and determine the intensity of use of equipment, thereby generating new business models. This capability is currently unique on the market and helped core sensing win the prestigious HERMES Startup Award, among others.
“The closing of the financing round is an important validation of our product and the work of the entire team. We are proud to have closed the financing with such a diversified consortium and to have gained important expertise for the company in addition to fresh capital,” says Dr. Martin Krech, CEO and co-founder of core sensing.
Simon Schild von Spannenberg, Junior Investment Manager at OCCIDENT, comments: “With its innovative solution concept, core sensing demonstrates the great potential inherent in the Industrial IoT segment. core sensing’s products and expertise are significantly driving the rethinking of traditional mechanical engineering. As an experienced deep tech investor, we look forward to supporting the team with future challenges.”
Growth capital to secure new key positions
With the newly acquired capital, core sensing is perfectly positioned to take a key role in the growing market for new IoT business models, such as Equipment-as-a-Service and predictive maintenance solutions based on its end-to-end sensor product.
Dr. Markus Hessinger, CTO and co-founder of core sensing, explains: “With a high double-digit number of customers from the SME sector, we are currently working closely on the product launch of new smart products and services. Our development focus is currently on holistic software and cloud solutions that complement our hardware sensors and round them off into a product with real customer value. The investment helps us significantly to gain more momentum and further expand our team, which now consists of 30 people.”
As a strategic investor, P+P has been supporting the company since 2020 and is very familiar with the young company’s development. Dr. Christian Potthoff-Sewing, Managing Partner of P+P, summarizes: “We already saw considerable potential in core sensing during the seed phase. This impression was supported not only by the business idea and the technology, but above what all by the team. Our investment is an essential component of our strategy to build an ecosystem from which we can support our customers not only with products but also with data-based and digital solution approaches.”
About core sensing
Founded in 2019 as a spin-off from TU Darmstadt, core sensing specializes in the acquisition, analysis, and interpretation of measurement data from inside machines and commercial vehicles. The innovative company has won the prestigious HERMES Startup Award, among others, and serves numerous national and international customers with sensor solutions. More at www.core-sensing.de
About OCCIDENT
OCCIDENT is an international venture capital investor with offices in Munich and Zug, is owner-managed, and invests its own assets. The aim is to make a positive contribution to society through sustainable and meaningful investments. OCCIDENT invests in innovative deep tech startups with excellent technologies, broad application possibilities, and potential for further development in the fields of life sciences, high-tech, and digital. OCCIDENT acts as a long-term enabler for highly innovative startups and visionary founders. More at www.occident.group
About Poppe + Potthoff (P+P)
Founded as a tube drawing mill in 1928, the P+P Group today employs 1,600 people worldwide and serves a wide variety of customers in over 50 countries with creative solutions based on its expertise in a broad spectrum of metal processing. From traditional strengths in precision steel tubes, common rails, and lines for diesel injection systems, as well as precision components and couplings, we have developed new technologies and systems for hydrogen for an emission-free future. With targeted investments in young companies, we are creating an ecosystem with which we support our customers in both sustainability and digitalization challenges. More at www.poppe-potthoff.de
About BHS Corrugated Maschinen- und Anlagenbau
BHS Corrugated Maschinen- und Anlagenbau GmbH is represented with more than 3,000 employees at its headquarters in Weiherhammer, Germany, as well as in more than 20 countries worldwide and is the leading solution provider in the corrugated board industry. As a lifecycle partner, BHS Corrugated is consistently strong across its entire range of products and services: from development and production to installation and maintenance, through to a variety of innovative service solutions in the areas of corrugating rolls, individual machines, complete corrugating lines, Industry 4.0, logistics, and in the future with the integration of digital printing into the corrugating line.
More at http://www.bhs-world.com
About BMH Beteiligungs-Managementgesellschaft Hessen
BMH Beteiligungs-Managementgesellschaft Hessen mbH, based in Wiesbaden, was founded in 2001 and is a wholly-owned subsidiary of Landesbank Hessen-Thüringen Girozentrale (Helaba). Through the Wirtschafts- und Infrastrukturbank Hessen (WIBank), BMH is actively involved in the economic development of the State of Hesse. As a medium-sized investment and venture capital company, BMH bundles public investment interests and financing instruments for early-stage, growth, and medium-sized companies in Hesse. BMH currently manages seven investment funds with a total invested volume of around €125 million. Since its foundation, BMH has invested in more than 500 companies. Investment focuses include the software & IT, life sciences, mechanical and plant engineering, industrial goods, professional services, and e-commerce sectors. More at www.bmh-hessen.de
Contact:
Martin Krech
CEO & Co-Founder
+49 6151 49 366 62
