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SAP.iO Foundries 2023 Portfolio Acquisitions Roundup

Congratulations to the 17 startups in our portfolio that have successfully exited via acquisition in 2023! These acquisitions not only represent positive outcomes for the startups, but also a validation of their innovative ideas and solutions. We are proud to have been a part of their journey and look forward to their continued success in their next chapters.


  • Rephrase was acquired by Adobe on 11/22/2023
  • Tango Eye was acquired by Lenskart on 10/30/2023
  • Manta was acquired by IBM on 10/24/2023
  • eLamp was acquired by 360Learning on 10/9/2023
  • Bewgle was acquired by Acceldata on 9/19/2023
  • Akorda was acquired by LegalSifter on 9/18/2023
  • Magazino was acquired by Jungheinrich on 8/23/2023
  • Dotaki was acquired by AB Tasty on 7/11/2023
  • Ecoplant was acquired by Ingersoll Rand on 6/14/2023
  • Sensire was acquired by Main Capital Partners on 6/7/2023
  • Andjaro was acquired by Silae on 6/6/2023
  • Myagi was acquired by Rallyware on 5/2/2023
  • Qualified was acquired by Andela on 3/9/2023
  • Lemonbeat was acquired by E.ON One on 3/8/2023
  • ESG Enterprise was acquired by apexanalytix on 3/7/2023
  • Springday was acquired by Advanced Personnel Management on 2/7/2023
  • OilX was acquired by Energy Aspects on 2/1/2023

Venture Activity Fall 2023

SAP.iO’s ecosystem of successful raises and exits

Fall 2023

SAP.iO has curated over 525 startups in SAP’s startup ecosystem. We’re proud that many of the startups from our programs continue to raise VC funding and have successful exits. This demonstrates that SAP startup technologies are addressing the rapidly changing requirements of the marketplace and have risen to the occasion of meeting customer needs. Here are the latest raises and exits you should know about!


Sensyn Robotics closed a ¥2.25B Series C round on October 27, 2023. The company has raised approximately 3.6 billion yen so far, and with this latest financing, the total amount raised will be approximately 5.85 billion yen.

Inkelink closed a ¥100M Series B round on November 14, 2023.  This round of financing was led by Bank of Communications Overseas Chinese Digital Economy Fund, and Huafeng Emerging Industry Fund, Shenqi Capital, and Chongqing Mingyue Lake Fund also participated in the investment, with Huafeng Capital serving as the long-term exclusive financial advisor to help Inkelink steadily move forward in the field of new energy digital intelligent manufacturing.

Exits was acquired by Adobe on November 22nd. In September 2022, raised $10.6m in its Series A funding round led by Red Ventures and joined by Silver Lake, 8VC and others.

MaintainX Makes Equipment and Regulatory Downtime a Thing of the Past With $50M in New Funding

MaintainX, the leading maintenance and frontline work execution platform, today announced $50M in Series C funding led by Bain Capital Ventures (BCV) with participation from existing investors Bessemer Venture PartnersAmity VenturesAugust Capital and Ridge Ventures. Other strategic new investors include Jeff Immelt the former CEO of GE, Jeff Lawson the CEO of Twilio, Steve Pagliuca a Senior Advisor to Bain Capital, Rob Bernshteyn the CEO of Coupa Software, Chris Comparato the Chairman and CEO of Toast, and Allison Pickens the former COO of Gainsight. The new capital will accelerate the MaintainX feature roadmap, with additional AI-driven predictive capabilities and data-driven functionality. Following the company’s Series B in June 2021, this investment brings total funding to $104 million while achieving a valuation of $1 billion.

The world’s leading manufacturing, industrial, logistics, hospitality and facilities management companies rely on MaintainX to prevent downtime and ensure 24/7 operations. MaintainX prevents costly failures and ensures regulatory compliance by arming teams with the right data, while increasing productivity of maintenance workers and other frontline staff by digitizing workflows.

Fixed assets average 24 years old while still in operation, the highest age since 1947 according to the Bureau of Economic Analysis. By better maintaining infrastructure, ensuring preventive maintenance compliance, and providing asset and plant-level data insights, companies using MaintainX achieve higher productivity. As aging infrastructure is replaced, smarter machines generate more data and frontline workers using MaintainX evolve into knowledge workers empowered with the right insights.

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Venture Activity Summer 2023

SAP.iO’s ecosystem of successful raises and exits

Summer 2023

SAP.iO has curated over 525 startups in SAP’s startup ecosystem. We’re proud that many of the startups from our programs continue to raise VC funding and have successful exits. This demonstrates that SAP startup technologies are addressing the rapidly changing requirements of the marketplace and have risen to the occasion of meeting customer needs. Here are the latest raises and exits you should know about!


Synspective, a Tokyo based SAR satellite constellation & One-stop Geo-solutions company, closed a $35.4M round.

Sedna, a London-based email platform that caters to customers in the bulk cargo, maritime and logistics markets, has landed a $42 million funding round it says will enable the company to further help customers integrate their email inboxes with existing systems of record. The company said the funding, which brings the total amount of venture capital invested in Sedna to $86 million, will go primarily toward enhancing its product., a Singapore-based AI-powered chatbot for recruiters, has recently secured a $6M Series A round. The new funds will be used for expansion across Southeast Asian markets. According to, it has users in Singapore, Indonesia, Hong Kong, Taiwan, the US, and the UK.

ChargeX, a German EV charging firm, closed a $12.5M Series B round. With the fresh funding ChargeX makes plans to expand to other European markets and also bring ‘bi-directional charging with local power connections using vehicle batteries’ into the fold


Magazino was acquired by Jungheinrich, a Hamburg-based intralogistics company. Jungheinrich has had shares in Magazino since 2020, and in 2022 it increased its ownership to 21.7%. The new deal, to acquire all shares of the company, took effect immediately upon signing earlier this week. Both parties have agreed to not disclose the purchase price.

Venture Activity June 2023

SAP.iO’s ecosystem of successful raises and exits

June 2023

SAP.iO has curated over 525 startups in SAP’s startup ecosystem. We’re proud that many of the startups from our programs continue to raise VC funding and have successful exits. This demonstrates that SAP startup technologies are addressing the rapidly changing requirements of the marketplace and have risen to the occasion of meeting customer needs. Here are the latest raises and exits you should know about!


Sparetech, a Stuttgart, Germany-based provider of a data platform for industrial spare parts, raised $10M in Series A funding. The company intends to use the funds to scale internationally. Sparetech has served more than 120 global manufacturing companies, such as Bosch, Nestlé, Porsche, Yanfeng, and Airbus Helicopters.

Humanly, a Seattle startup that helps companies automate their recruiting functions, raised $12 million to help fuel growth of its AI-powered software. Customers such as Microsoft, the Seattle Storm, and Moss Adams use Humanly to screen job candidates, schedule interviews, automate initial communication, run reference checks, and more.

SustainCERT, a Livange, Luxembourg-based climate impact verification company, raised $37M in Series B funding. The company intends to use the funds to invest in the acceleration of the commercial, organizational and technology scale up to support the growth of its recently launched value chain decarbonization impact solution for Scope 3 emissions and the soon to be launched digital verification solution for carbon markets.

Sust Global closed a $1.5M seed round on June 2nd from a Venture – Series Unknown round.


Ecoplant, which develops technology to increase energy efficiency and reduce air pollution in factories, was acquired by American industrial giant Ingersoll Rand. Industry sources estimate that the deal is valued at $40-50 million.

Sensire, a leading provider of medical and food safety software solutions, was acquired by Main Capital Partners.  Main will support Sensire in its continued organic growth journey both in Finland and internationally as well as supporting with a selective buy & build strategy.

Andjaro was acquired by Silae to tackle the issue of replacements. Since last September, Silae has further accelerated by buying 6 companies including a new one this June: Andjaro.


Venture Activity May 2023

SAP.iO’s ecosystem of successful raises and exits

May 2023

SAP.iO has curated over 525 startups in SAP’s startup ecosystem. We’re proud that many of the startups from our programs continue to raise VC funding and have successful exits. This demonstrates that SAP startup technologies are addressing the rapidly changing requirements of the marketplace and have risen to the occasion of meeting customer needs. Here are the latest raises and exits you should know about!


Gappify, a California based provider of accounting automation solutions for corporate accounting teams, raised $10M in Series B funding. The round brought the total amount to $22M, and as part of the transaction, FINTOP’s Jared Winegrad, General Partner, will join Gappify’s Board of Directors. The company intends to use the funds to accelerate growth and development of new accounting automation products.

Liftango, the Scotland-based shared mobility platform provider, has received over £2.5m in an investment round. Maven VCTs contributed £1.25m, with a further £1.25m having come from Scottish Enterprise and “a significant but undisclosed investment” amount from prior supporters. Capital raised by Liftango will go towards driving growth in new markets and increasing its presence in established locations.

Hanko has received a single-digit million figure investment from Berlin-based adesso Ventures. The German VC joins forces with existing investors High-Tech Gründerfonds, Smart Infrastructure Ventures, PAYONE founders Carl Frederic Zitscher and Jan Kanieß, as well as Intershop co-founder Roland Fassauer.

Deployed has scored $4M in a seed funding round co-led by Amrock Ventures and US-based M12, Microsoft’s fund that also backed Inworld AI and iLoF recently. Led by female founders Emma Rees and Kayleigh Kuptz, Deployed is focused on redefining the process of creating Statements of Work (SOWs) and planning projects.

Hacobu has closed a ¥1.5B round of funding. Hacobu offers an integrated solution “MOVO ” centering on the operation management system utilizing in-vehicle terminals.

TradeWaltz, which develops trade information collaboration platform “TradeWaltz” that aims to completely digitize trade procedures based on blockchain, has Sumitomo Corporation join the investment and raise 1.65 billion yen newly from the company and other existing shares. It was announced on May 29 that the cumulative amount of funding reached 5.65 billion yen.

Pirika has closed a ¥280M funding round. This investment will help Pirika aims to solve environmental problems with the power of science and technology.


Rallyware, the Performance Enablement Platform for large sales forces, has acquired the retail sales enablement platform Myagi. Together, Rallyware and Myagi will transform sales rep knowledge, operations, and productivity, delivering strong ROI to world-leading consumer brands and their multi-brand retailer partners.

Venture Activity April 2023

SAP.iO’s ecosystem of successful raises and exits

April 2023


SAP.iO has curated over 525 startups in SAP’s startup ecosystem. We’re proud that many of the startups from our programs continue to raise VC funding and have successful exits. This demonstrates that SAP startup technologies are addressing the rapidly changing requirements of the marketplace and have risen to the occasion of meeting customer needs. Here are the latest raises and exits you should know about!


4.screen, a driver interaction platform company, announced the successful closure of its €21 million Series A funding round led by S4S Ventures and Continental Corporate Venture Capital. 4.screen enables brands to interact with drivers in real-time via their car screens using in-car technology and unique data signals only accessible through their platform. The funding round will be used to accelerate 4.screen’s global expansion plans and further advance its platform.

Chekkit, Nigerian anti-counterfeiting startup, has secured additional funding to help it scale its blockchain-powered drug safety and tracking solution. Chekkit’s platform tracks product movement and has helped secure over 50 million pharmaceutical and consumer goods products to date. The funds will help Chekkit onboard more manufacturers across Nigeria and other regions in Africa, while also expanding to new markets in India, UK and the Middle East.

Accredify, a Singapore-based verifiable technology solutions provider, raised USD$7M in Series A funding. The company intends to use the funds to expand its regional presence across APAC by scaling its services and diversifying use cases of verifiable technology solutions across various industries.

Lilz has announced they have completed 590-million-yen Series B round funding. With these new funds they plan to promote the development and mass production of explosion-proof IoT cameras that are in high demand in the chemical plant and gas industries. In addition, continue to develop of products that can be expanded overseas, focus on organizational structure, and strengthen recruitment in all positions.

Venture Activity March 2023

SAP.iO’s ecosystem of successful raises and exits

March 2023

SAP.iO has curated over 525 startups in SAP’s startup ecosystem. We’re proud that many of the startups from our programs continue to raise VC funding and have successful exits. This demonstrates that SAP startup technologies are addressing the rapidly changing requirements of the marketplace and have risen to the occasion of meeting customer needs. Here are the latest raises and exits you should know about!


Hexa, a 3D asset visualization and management platform, announced that it closed a $20.5 million Series A round from Point72 Ventures, Samurai Incubate, Sarona Partners and HTC. CEO and co-founder Yehiel Atias said that the cash will be put toward product development and expanded customer acquisition efforts well into 2023.

Zeroboard Inc., a Tokyo-based developer and provider of a cloud-based calculation and visualization service for greenhouse gas (GHG) emissions, announced that it has completed financing through a third-party placement of new shares as part of its Series A financing, the first and the second tranche completed financing totaling 2.44 billion yen ($18.4 million).

Verity AG, creators of the first commercially successful inventory tracking solution powered by fully autonomous indoor drones, announced completion of a 30M CHF ($32M USD) Series B funding round. The investment was led by A.P. Moller Holding with participation from Exor Ventures and existing and new investors. This funding allows Verity to quickly scale up operations to address the growing backlog of deployments with systems already installed in 30 sites across 13 countries on 3 continents.

Vue Storefront, which is building what it describes as “frontend as a service,” has closed a $20 million round, which it plans to use for R&D, to bring on more tools targeting B2B e-commerce businesses, and for business development after seeing revenues grow 300% in the last 18 months. It has some 2,000 customers, retailers and merchants, and is seeing quite a bit of growth at the moment in the U.S.

Connect Earth has closed a $5.6 million seed round to grow its API-first environmental data offering that drives sustainable finance. The funding round will enable the company to scale faster within Europe and support expansion into the US, where they already work with financial institutions and strategic partners.

nyris, a leading visual search provider, announced that it has raised 10 million EUR in a funding round led by Trumpf Venture and the European Innovation Council (EIC). Existing investors eCAPITAL, Inter IKEA Group, SEK and Mücke & Roth are equally excited about the company and participated in this financing round. The funding will be used to accelerate the adoption of visual search with new generative image data services.


apexanalytix, a leading provider of global supply chain risk management data, software and services, and ESG Enterprise, a provider of environmental, social and governance (ESG) management data, software and services, announced that apex has acquired ESG Enterprise. This transaction is the latest milestone in the growth of apex, which received a majority investment from funds managed by KKR. Carousel Capital also continues to be a minority investor in apex.

Andela, the global network for remote technical talent, has acquired Qualified, the leading technical skills assessment platform to identify, qualify, and certify top engineers. Andela’s global talent community will also expand with the addition of more than 3.6M engineering users via Codewars, an online community powered by Qualified that enables technical talent to compete and improve their practical coding skills in gamified challenges.

Deepgram lands new cash to grow its enterprise voice-recognition business

Deepgram, a company developing voice-recognition tech for the enterprise, today raised $47 million in new funding led by Madrona Venture Group with participation from Citi Ventures and Alkeon. An extension of Deepgram’s Series B that kicked off in February 2021, led by Tiger Global, it brings the startup’s total raised to $86 million, which CEO Scott Stephenson says is being put toward R&D in areas like emotion detection, intent recognition, summarization, topic detection, translation and redaction.

“We’re pleased that Deepgram achieved its highest-ever pre- and post-money valuation, even despite the challenging market conditions,” Stephenson told TechCrunch in an email interview. (Unfortunately, he wouldn’t reveal what exactly the valuation was.) “We believe that Deepgram is in a strong position to thrive in this tougher macroeconomic environment. Deepgram’s speech AI is the core enabling technology behind many of our customers’ applications, and the demand for speech understanding grows as companies seek greater efficiency.”

Launched in 2015, Deepgram focuses on building custom voice-recognition solutions for customers such as Spotify, Auth0 and even NASA. The company’s data scientists source, create, label and evaluate speech data to produce speech-recognition models that can understand brands and jargon, capture an array of languages and accents, and adapt to challenging audio environments. For example, for NASA, Deepgram built a model to transcribe communications between Mission Control and the International Space Station.

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Clarifruit raises $12 million to reduce waste in the fruit and vegetable industry

Clarifruit, a company developing a software platform for automated quality control for fruit and vegetable supply chains, has announced that it has completed a $12 million Series A round led by Champel Capital and Firstime Ventures with participation from Kubota, a provider of agricultural machinery and technologies, and NevaTeam Partners venture capital fund. It brings the company’s total funding to $15 million following a grant of $2.5 million received through Horizon 2020.

The company hopes to reduce waste in the fresh produce supply chain, an industry estimated to be valued at $2 trillion, and secure a sufficient food supply for future generations. Its solution addresses challenges in quality control and decision-making and the lack of standardized and objective quality control processes when assessing fruits and vegetables. It is estimated that this problem leads to a waste of 45% of the agricultural production in the industry, representing approximately $900 billion of loss every year.

“Since we launched our product 20 months ago, we have been able to make a significant impact and onboard tens of leading global players into our circle of clients that are now using Clarifruit’s advanced technology to automate their quality control and provide real-time info to reduce waste and maximize revenue opportunities,” said Elad Mardix, Co-Founder and CEO of Clarifruit.
Its platform has two elements: the first is a mobile app allowing quality inspects to conduct quality control processes in minutes. The second is a cloud-based control system that allows operation managers to monitor the process specific to their company and its goals, results, and insights all in real-time. It uses computer vision technology with Big Data and analytics capabilities to help retailers, wholesalers, marketing companies, and growers make data-driven decisions to reduce waste.

IoT and Industry 4.0: Zerynth raises a €5.3 million round led by United Ventures

Zerynth supports companies in digitizing production processes through Industrial IoT solutions which enable any machinery to Industry 4.0.

The investment round, one of the largest in Italy in the Industrial IoT field, is led by United Ventures with the participation of a pool of selected Italian and international investors and business angels, including Vertis SGR with Venture Factory through the VV3TT Fund, LIFTT and CDP Venture Capital with the “Comparto IndustryTech” of the Corporate Partners Fund.

The capital increase will enable Zerynth to make AI and IoT technologies increasingly accessible, confirm its leadership in Italy, and strengthen its international expansion.

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Infront acquires Israeli sportstech startup Pico

Switzerland-based sports marketing company Infront has acquired Israeli startup Pico Get Personal, a sports technology company that helps rightsholders to gather, manage and own zero- and first-party audience data to customize marketing.
Pico pairs content with fun activations, capturing first-party data and individual preferences. Brands or rightsholders can then use those insights to create personalized marketing.
Pico, founded in 2014 by Asaf Nevo, Aviv Paz, and Roi Mozer, has raised $5 million to date and all 12 of its employees will be joining Infront.

“Beyond the joy of joining the biggest organization in our sector, one of the most important things for us was to ensure that every one of our employees would be able to come with us,” said Nevo. “We have been working with Infront for many years now, making this new chapter a very natural step in our growth. The sports industry has made a push in recent years into tech and data, with Pico playing a major part in that. By joining one of the biggest players in this market we will be able to provide our services at a much bigger scale.”

Revuze Announces $12 Million Growth Equity Investment Led by PSG

Revuze, a leading provider of real-time consumer insights for some of the world’s biggest brands, announced a $12 million strategic growth investment led by PSG, a leading growth equity firm partnering with software and technology-enabled services companies to help accelerate their growth. The round was joined by industry veterans Karyn Schoenbart and Tod Johnson, former CEO and Executive Chairman, respectively, of global market research leader NPD Group. Additional financial terms were not disclosed.

Founded in 2013, Revuze empowers brands to understand consumers’ preferences and behavior by delivering a faster, more efficient alternative to traditional market research. Revuze’s cloud-based software uses AI-based natural language processing to gather, cleanse, analyze and provide insights on consumer sentiment, feedback and overall satisfaction. By implementing Revuze’s product set, companies can generate deep consumer insights in nearly real time that would otherwise take months to understand.

“The world moves at a speed that has outpaced traditional market research tools, and Revuze was founded to help brands respond to changing landscapes in real time in order to allow them to win in the digital era. We have made the process of data gathering, analysis and research programmatic, arming companies with actionable, value-generating insights,” said Boaz Grinvald, CEO of Revuze. “We are proud to partner with PSG, Karyn and Tod as we look to scale our platform to serve more brands around the globe.”

This funding will be used to help accelerate Revuze’s geographic expansion into the U.S., scale its technology, and continue to innovate and grow its solution set.

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Computer vision start-up Everyangle raises €2.7m

Everyangle, a start-up that provides bricks and mortar retailers and hospitality venues with the same sort of insights available to online businesses, has raised €2.7 million to accelerate its expansion into international markets.

Founded by David Owens in 2019, the company, whose partners include Mulberry, helps retailers and other offline businesses to better understand what their customers are doing in-store. It also helps them to reduce loss through fraud and theft, and to optimise operations using computer vision technology.

Offline businesses have fallen behind their online counterparts in terms of analytics that can help them understand customer behaviour. Everyangle’s platform addresses this by using computer vision and machine learning to analyse CCTV footage for events of interest, without the need for human review.

Among the analytics it provides is information on customer footfall, demographics, sales conversion and customer theft and staff fraud.

Based in Ireland and with plans to increase headcount over the next 24 months, the company is looking to double staff numbers with hires in areas that include roles in machine learning, data science, software engineering, product management and sales.

“Our platform is becoming ever-more critical to ensuring retailers, hospitality venues and convenience service stations can leverage at scale all of their video data to improve the in-store customer experience, reduce theft and fraud, and deliver real operational cost savings,“ Owens said.

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EcoCart drives $14.5M of new funding into its sustainable shopping experience

With all the plastic and paper covering the things we buy, more and more consumers are seeking out companies that operate more sustainably.

EcoCart has built an infrastructure for e-commerce companies and works with them to make that shopping experience more transparent and sustainable. Here’s how it works: The three-year-old software company performs product life cycle audits for its customers to help them calculate, analyze and offset their carbon emissions.

Customers can then see how that company is doing in terms of protecting trees and using clean energy sources while companies can offer offsetting initiatives within its shopping experience — for example, providing a way for them to make carbon-neutral purchases or showing the number of trees saved from an order.

“Consumers are looking for ways to shop sustainably, but brands don’t have a great way of being able to communicate that to their customers or execute on that in an inexpensive, easy-to-understand way, and that’s all the things that we help with,” EcoCart co-founder Dane Baker told TechCrunch.

Baker and Peter Twomey started the company about three and a half years ago and launched its product about two years ago. When we last profiled the San Francisco–based company in 2021, it had raised $3 million in seed funding and was working with 500 customers.

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