Today we are happy to share that sappience. raised 200,000 EUR investment capital to support the team expansion and empower the go-to-market of our product – the Low-Code Asset Management software – Asset Insider. The lead investors are the Bulgarian venture capital fund – Innovation Capital, joined by an Angel Investor.
We pursued this investment to give us resources and flexibility to help organizations worldwide to manage the asset lifecycle with Digital Twins via even more automated customer engagement processes.
A brief history of sappience.: The journey before the investment
sappience. stood out with an atypical product in a niche that is yet to undergo its full flowering – democratized Digital Twins1 Management. With over twelve years of experience in enterprise software and business management systems, our founders successfully positioned sappience. as a Preferred Power Apps Partner of Microsoft Corporation.
We created and launched a next-gen product swiftly on the market and, only two years after the founding of the company, customers on three continents (North America, Europe, Asia) are using the business solution of tomorrow. Asset Insider is an end-to-end solution for enterprises in asset-intensive industries such as Utilities, Energy, Telecommunications, Oil & Gas, Manufacturing. It supports them in managing the asset lifecycle with its Digital Twin capabilities and the freedom to customize the app with Low-Code.
Most business software fails due to its static nature and lack of understanding of business-specific processes. Here Asset Insider distinguishes itself as a flexible, adaptable, and hyper-agile low-code solution.
– Nikolai Gorchilov, Serial Entrepreneur, Founder, and Shareholder @ Excitel – sappience. and Asset Insider customer
Angel Georgiev (CEO) and Atanas Yanakiev (CTO) – founders of sappience., who remain majority shareholders in the company, share their thoughts on the latest events: ‘We are excited about the future. The trust and support gained by investors, along with that voted by our clients in the last 2-years, will continue to help us fulfilling the purpose of our journey.
‘Apply human wisdom, knowledge, and potential in creating smart low-code business apps to help enterprises leverage the latest digital technologies, implement their Industry 4.1 vision, and scale up the value chain.’
In sappience. we built a solid base for further growth in the past year during the pandemic. And now, with the new investors on board, we can accelerate the creation and management of Digital Twins for our existing and new customers in the asset-heavy industries, not only on the target territories where we already have traction but to explore more regions as well.’
After the investment: A brief overview of our future pursuits
‘Sappience does not offer the standard brick-and-mortar business model, and their product is not as easy to get if you are not part of the asset-heavy industry. Their product allows for quick digitization and cost/time savings for businesses with large inventories and physical assets. The most important reason that turned our heads their way was the founding team with its’ combination of technical and business expertise. They already have international clients with a solid pipeline, and we believe our funding will allow them to grow much quicker.’ says Angel Angelov, Managing Partner of Innovation Capital.
With the investment, we will help more organizations connect the physical and digital aspects of Asset Management and develop their Digital Twins ecosystem. The implementation of the plan consists in improving the customer experience in the already short Time-to-Value ratio. sappience. will provide maximum ease of adoption and implementation of Asset Insider with an accelerated customer and user onboarding. In addition, we will focus on developing a partner network of technology and professional service providers. Finally, our team will double in headcount, expanding sales, marketing, and customer and partners enablement units. sappience. will sustain the same innovative customer-centric RnD and constant improvement approach in the pursuit of our vision.
About Innovation Capital:
Innovation Capital is a EUR 21.1 million venture capital, with the main investor, the Fund of Funds, providing equity and quasi-equity funding to Bulgarian start-up companies. They support high-priority sectors in the local economy in their transformation through professional innovation management in high-potential start-ups and scale-up businesses.
Investor in Sappience is „Innovation Capital Fund“ KDA, whose activities are executed with co-financing by the European Regional Development Fund (ERDF) through Operational Programme Innovation and Competitiveness (OPIC) , managed by the Fund of Funds in Bulgaria. Value of the investment 150 000 eur.
1 The Digital Twins are a virtual copy of a physical object, an intangible system, or a process created on a software platform. This model can be divided into two segments – a 3D model and a performance (data & process driven) model.
People refer to the 3D Digital Twin more often. It represents different parts, devices, and assets in a virtual cyber copy. The simulation monitors and reflects any change in condition, location, and other parameters that characterize the assets.
More opportunities reveal when the Digital Twins adapt to the enterprise processes. The process Digital Twin complements the business value of the 3D Digital Twin by expanding its scope beyond the boundaries of representing only physical objects.
Both types allow the implementation of mixed reality and high-performance computing capabilities, but the Process Twin also includes immersive holograms. They receive data from the process and the assets, which combines with Artificial Intelligence to represent an enterprise system and its internal connections. Such a working environment, created through technology, allows simultaneous collaboration between humans and machines.