Proov raises $14M for its proof-of-concept marketplace
ProoV Inc., which offers startups what it calls “pilot as a service,” has raised $14 million in a series B funding round, bringing its total funding to $21.1 million.
The company says its cloud service solves a fundamental problem for startups: how to get to the proof-of-concept stage to show that an idea has merit. The Tel Aviv-based company’s platform manages the proof-of-concept process from discovery to testing to deployment on a customer company’s production infrastructure.
In particular, it addresses a roadblock that co-founder and Chief Executive Toby Olshanetsky said he has personally encountered in launching multiple startups. Regulations, skepticism and corporate intransigence block entrepreneurs with good ideas from getting an audience with potential customers.
ProoV’s platform is like an app store for ideas. Startups can post detailed descriptions of the products and services they want to offer, and enterprise users can connect with them for further exploration. The services include an automated cloud-based testing environment that simulates an enterprise’s production servers and data formats using specifications provided by enterprise customers.
Startups can demonstrate what their products do using dummy data so that regulatory guidelines aren’t violated. Enterprises can post requirements and work with multiple proofs-of-concept simultaneously. Enterprises pay a subscription fee for access to the platform and additional fees for connecting with startups.
Proov says it has signed up more than 1,000 member companies in less than a year since it launched last September. Enterprise customers include Schneider Electric SE, General Electric Co., Comcast Corp. and Amazon Web Services Inc. It plans to use the funding to establish a New York City office, improve its product and add staff.
The latest funding round was led by Helios Capital and Mangrove Capital Partners, with participation from OurCrowd Ltd. and Cerca Partners.
Image: OpenPhoto public domain
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