Connected Workforce App Innovator Poka Adds Schneider Electric as Investor and Strategic Partner in $6.4 million Expansion Round
Poka, a connected worker platform built specifically for manufacturers, announced that it has raised $6.4 million in new investment led by SE Ventures, the venture capital arm of Schneider Electric, including participation from existing investors. The new funds will be used to broaden Poka’s global market reach through new distribution strategies and accelerate product development in support of the company’s vision to give manufacturers a single hub for operational knowledge and collaboration on the factory floor.
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Founded in 2014, Poka is helping some of the largest manufacturers globally — including Bosch, Danone, Mars, The Kraft Heinz Company, Johnson & Johnson and Stanley Black and Decker — achieve operational excellence through digital transformation. Prior investors participating in the financing include Robert Bosch Venture Capital, Groupe Leclerc and CDPQ. Poka has now raised close to $25 million.
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The manufacturing sector is undergoing a Fourth Industrial Revolution which represents tremendous opportunity and challenges. Increased automation in production and an aging workforce are converging to create a skills gap and exacerbate the need to better support frontline workers in the new smart factory era.
In response, manufacturers are investing heavily in workforce development as part of their strategic priorities. According to Deloitte’s 3rd Annual Industry 4.0 report, training is the number one investment priority for manufacturers in 2020. This represents a significant shift in thinking as only 12% listed training as a priority just two years ago. The global connected worker space is predicted to grow at a CAGR of 19.9% according to Polaris.
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