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Poka receives $6.4M in expansion round, led by Schneider Electric

Poka receives $6.4M in expansion round, led by Schneider Electric
Poka receives $6.4M in expansion round, led by Schneider Electric
  • Poka is a mobile app founded in 2014 designed for manufacturers to solve real-time problems on the factory production floor.
  • Schneider Electric has now become an investor as well as a strategic partner in Poka after the investment made by SE Ventures.

Poka, the mobile app designed for manufacturers has announced an investment of USD 6.4 million in the company through Schneider Electric’s venture capital arm SE ventures including participation from other existing investors. Schneider Electric will also become a strategic partner in Poka from now on as per the deal. Poka will utilize the new funds to accelerate product development, expand global market reach, and establish new distribution strategies.

The other firms participating in this finance round were Robert Bosch Venture Capital, CDPQ, and Groupe Leclerc. Poka has now been able to generate USD 25 million in investment since its inception in 2014. The mobile app is extensively being used by large scale manufacturers like Bosch, Danone, Johnson & Johnson, Decker, and Stanley Black.

Manufacturers have been making higher investments in workforce development because of the skill gap created due to an aging workforce and increased automation in production. Poka helps factory workers continuously learn and solve real-time problems on the factory production floor driving improvements in quality, safety, and productivity.

The COVID 19 pandemic has also played a part in connecting frontline workers digitally in light of the social distancing and work from home protocols. Shadowing on the job and in-person meetings are some of the alternatives being offered by Poka. The app also provides remote access to production staff so as to help them gain real-time access to solving problems as they arise. 

Alex Leclerc, CEO at Poka expressed the need to identify and address challenges for global manufacturers. He said that their partnership with Schneider electric will give them a global reach to their target market and lay down a path for complete digital transformation.

Mike Jamieson, the Segment President at Schneider Electric for Consumer-Packaged Goods said that Poka promotes workforce empowerment which is important for their company and conveyed Schneider Electric’s dedication towards building solutions for a digitally transformed ecosystem.

Grant Allen, General partner at SE ventures expressed the need for new systems and tools, and their importance in evolving communication and knowledge channels, as the existing solutions are outdated. He said that Poka together with Schneider Electric’s network and global network will be an agent to promote much-needed frontline connectivity.

Source Credits: https://www.wfmz.com/news/pr_newswire/pr_newswire_business/connected-workforce-app-innovator-poka-adds-schneider-electric-as-investor-and-strategic-partner-in-6/article_fea9a288-d7bf-5e4c-9991-e1d42ba87abb.html

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Bhushan Tambe

A qualified computer graduate, Bhushan Tambe always nurtured a passion for words. Post his education, he decided to transform his penchant of penning down poetry and stories into a full-time career. Presently, Bhushan writes numerous articles for cuereport.com and a few other websites, on subjects spanning business, finance, and the like.