Brisbane supply chain data startup ProductEngine raises $1.2 million Seed round

Product and pricing administration SaaS startup ProductEngine has raised $1.2 million in Seed capital.

The spherical was led by enterprise capital agency Folklore, with help from accelerator program Startmate.

The Brisbane startup will use the funding to double its workforce and broaden into new markets, together with the US and Europe.

Founded in 2019 by Jarrad Seers and Matt Hollis, the corporate goals to streamline the way in which companies in sectors corresponding to telecommunications, building, and manufacturing handle pricing and product information, in addition to how they share it with employees, programs and clients.

Up till ProductEngine, that was largely accomplished utilizing spreadsheets, with product information saved in a number of places and an extra of guide work synchronise all of it.

Hollis, the CEO, stated that alongside world provide chain disruptions and a rise in distributed groups, managing pricing updates and sustaining giant product information set has grow to be more and more complicated, time-consuming and error-prone.

“We’re pleased to announce our seed round led by Folklore with support from Startmate,” he stated.

“With this raise, we will be doubling down on our team and product-led growth to modernise supply chains around the world and drive digital transformation while helping protect margins.”

Hollis stated the saas platform acts as a single supply of reality for an organisation’s pricing and product info.

“ProductEngine can also be connected via API to other critical applications that need to consume that data – such as a CRM tool, billing system, or a self-service portal,” he stated.

“The backend is structured as an object-orientated database – rather than the historic relational database – which enables it to perform one-to-many data mapping and handle more complex processes for systems that are connected to it.”

Folklore investor Dan Fleming stated the startup solves a critical ache level felt throughout a number of industries and is poineering a brand new class that may finally grow to be foundational to managing world provide chains.


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