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Confidential
WUNDERVC
Industrial Tech SW:
Category Renewal And Creation
Christian Dahlen, June 2024
Confidential
WUNDERVC 2
Executive summary
• Every industrial revolution has created a new set of categories
and a new set of players
• Multiple new technologies have emerged, but Samsara and
C3.ai are only two companies which have gone public so far
• Manufacturing startups constitute the largest pipeline share of
unicorns and IPO candidates in the SF Bay Area, and software
startups dominate in Germany.
Confidential
WUNDERVC
New technologies birthed industrial revolutions, and each
has created new categories and a new set of players
3
Industrialists SW Generalists SW Specialists
Siemens 1847
GE 1892
Schneider 1836
Rockwell 1903
Honeywell 1906
ABB 1883
SAP 1972
Oracle 1977
Epicor 1972
PTC 1982
Dassault 1981
Autodesk 1982
Ansys 1970
1870 1969 2011
INDUSTRY 2.0
Mass production,
assembly line,
Electrical energy
INDUSTRY 3.0
Automation,
computers,
electronics
INDUSTRY 4.0
Cyber physical
systems, IoT,
networks
?
?
Confidential
WUNDERVC
Design Plan Procure Make Assemble Deliver Operate
Industrial automation business processes span from
upstream ‘design’ to downstream ‘operate’
4
CAD - Computer
Aided Design
SCM – Supply
Chain Mgmt
Procurement
analytics
TMS –Transport.
Mgmt. Systems
WMS - Warehouse
Mgmt Systems
PLM – Product
Lifecycle Mgmt
CMMS – Maint,
management
ERP – Enterprise Resource Management
Monitoring
Supervising
Sensing
Manipulating
Production
MES/MOM –
Manufact. Execution System/
Manufacturing Operating Mgmt.
Confidential
WUNDERVC
Consolidation of the past years is evidence that growth
opportunities had become sparse
5
Design Plan Procure Make Assemble Deliver Operate
Industrialists (Siemens,
Schneider, GE,
Rockwell, Honeywell)
Expanding from electro –
mechanical automation
into software
SW Generalists (Oracle, SAP, Epicor,…)
Started in ERP and moved top down into specific applications
SW Specialists (Autodesk,
Dassault, Ansys, PTC,…)
Moving downstream from CAD
Bus.
ops
Manuf
act.
ops
Monitoring
and
supervision
Sensing and
manipulating
Production process
Confidential
WUNDERVC
Multiple new technologies have emerged
6
3D
Printing
Image
recognition
Hyper
scalers
Virtualiz
ation
AI and
LLM
Robotics
Design Plan Procure Make Assemble Deliver Operate
Monitoring
Supervising
Sensing
Manipulating
Production
SW as a
Service
Confidential
WUNDERVC
Entrepreneurs exploit disruptions for creative destruction
7
“The function of entrepreneurs is to
reform or revolutionize the pattern of
production by exploiting an invention…”
“Entrepreneurial profit is the expression of
the value of what the entrepreneur
contributes to production.”
Joseph Schumpeter
Confidential
WUNDERVC 8
Sidebar
Two automotive industry disruptions: EV and SDV
Confidential
WUNDERVC
Samsara and C3.ai have been the only IPOs in the industrial
tech space (excluding the disastrous 3D printing SPACs)
WUNDERVC
Samsara
Cloud platform to harness Internet of Things (IoT)
data for insights and improved operations
• Revenues: $937M (FY ending Jan ’24)
• Market cap: $16.8B (June ‘23)
• IPO in Dec 2021
• Founded in 2015
C3 AI
Enterprise AI software for accelerating digital
transformation
• Revenues: $310M (FY ending May ‘24)
• Market cap: $3.7 B (June ’24)
• IPO in Dec 2020
• Founded in 2009
Confidential
WUNDERVC
Startups create new categories and renew existing ones
10
Category creation
• Unmet need
• A different problem
• Exponential improvement
• Education
• Evangelizing
• Establish the rules
• Own the market
Category renewal
• Existing need
• A better solution
• Incremental improvements
• Differentiation
• Selling
• Play by other people’s rules
• Compete for share
Confidential
WUNDERVC
Each industrial revolution has created new categories and a
new set of players
11
Industrialists SW Generalists SW Specialists
Siemens 1847
GE 1892
Schneider 1836
Rockwell 1903
Honeywell 1906
ABB 1883
SAP 1972
Oracle 1977
Epicor 1972
PTC 1982
Dassault 1981
Autodesk 1982
Ansys 1970
1870 1969 2011
INDUSTRY 2.0
Mass production,
assembly line,
Electrical energy
INDUSTRY 3.0
Automation,
computers,
electronics
INDUSTRY 4.0
Cyber physical
systems, IoT,
networks
New players
Samsara 2015
C3.ai 2009
?
?
?
Confidential
WUNDERVC 12
Emerging industrial tech startups in the SF Bay Area:
Manufacturing dominates
Category creation Category renewal
• Figure $854M
Humanoid robotics 2022
• Bright machines $311M
Manufacturing cells 2018
• Carbon $683M
3D printing 2013
• Covariant $212M
Pick and place robotics 2017
• Velo3D $275M
Metal 3D printing 2014
• Flexiv $196M
Adaptive robotics 2016
• Arris composites $153M
High performance parts 2017
• Fictiv $193M
Part sourcing 2013
• Diamond Foundry $350M
Reactor produced diamonds. 2012
• Mycoworks $187M
Non plastic biotech 2013
Manufacturing
Robotics
SW
Confidential
WUNDERVC 13
Emerging players industrial tech startups in Germany:
Software dominates, followed by IIoT
Category creation Category renewal
• Konux $131M
IIoT for railways 2014
• Agile Robots $270M
Robotics 2018
• Wandelbots $121M
Robotic software 2017
• Neura Robotics $76M(e)
Robotics 2019
• NavVis €96M
Indoor mobile mapping 2013
• Emnify $79M
Managed IoT connectivity 2017
• Twaice $72M
Battery analytics software 2018
• Simscale €52M
CAE software 2012
• HiveMQ €49M
Data connectivity platform. 2012
• Kinexon $130M
Digital twins 2012
Robotics
IIoT
SW
Confidential
WUNDERVC
The past decade of industrial tech software has lacked IPOs and has been
dominated by consolidation among existing players
A plethora of new technologies has emerged during the past decade
The pipeline of emerging industrial tech startups in the SF Bay Area and in
Germany is stacked with many promising candidates

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Industrial Tech SW: Category Renewal and Creation

  • 1. Confidential WUNDERVC Industrial Tech SW: Category Renewal And Creation Christian Dahlen, June 2024
  • 2. Confidential WUNDERVC 2 Executive summary • Every industrial revolution has created a new set of categories and a new set of players • Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far • Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
  • 3. Confidential WUNDERVC New technologies birthed industrial revolutions, and each has created new categories and a new set of players 3 Industrialists SW Generalists SW Specialists Siemens 1847 GE 1892 Schneider 1836 Rockwell 1903 Honeywell 1906 ABB 1883 SAP 1972 Oracle 1977 Epicor 1972 PTC 1982 Dassault 1981 Autodesk 1982 Ansys 1970 1870 1969 2011 INDUSTRY 2.0 Mass production, assembly line, Electrical energy INDUSTRY 3.0 Automation, computers, electronics INDUSTRY 4.0 Cyber physical systems, IoT, networks ? ?
  • 4. Confidential WUNDERVC Design Plan Procure Make Assemble Deliver Operate Industrial automation business processes span from upstream ‘design’ to downstream ‘operate’ 4 CAD - Computer Aided Design SCM – Supply Chain Mgmt Procurement analytics TMS –Transport. Mgmt. Systems WMS - Warehouse Mgmt Systems PLM – Product Lifecycle Mgmt CMMS – Maint, management ERP – Enterprise Resource Management Monitoring Supervising Sensing Manipulating Production MES/MOM – Manufact. Execution System/ Manufacturing Operating Mgmt.
  • 5. Confidential WUNDERVC Consolidation of the past years is evidence that growth opportunities had become sparse 5 Design Plan Procure Make Assemble Deliver Operate Industrialists (Siemens, Schneider, GE, Rockwell, Honeywell) Expanding from electro – mechanical automation into software SW Generalists (Oracle, SAP, Epicor,…) Started in ERP and moved top down into specific applications SW Specialists (Autodesk, Dassault, Ansys, PTC,…) Moving downstream from CAD Bus. ops Manuf act. ops Monitoring and supervision Sensing and manipulating Production process
  • 6. Confidential WUNDERVC Multiple new technologies have emerged 6 3D Printing Image recognition Hyper scalers Virtualiz ation AI and LLM Robotics Design Plan Procure Make Assemble Deliver Operate Monitoring Supervising Sensing Manipulating Production SW as a Service
  • 7. Confidential WUNDERVC Entrepreneurs exploit disruptions for creative destruction 7 “The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention…” “Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production.” Joseph Schumpeter
  • 8. Confidential WUNDERVC 8 Sidebar Two automotive industry disruptions: EV and SDV
  • 9. Confidential WUNDERVC Samsara and C3.ai have been the only IPOs in the industrial tech space (excluding the disastrous 3D printing SPACs) WUNDERVC Samsara Cloud platform to harness Internet of Things (IoT) data for insights and improved operations • Revenues: $937M (FY ending Jan ’24) • Market cap: $16.8B (June ‘23) • IPO in Dec 2021 • Founded in 2015 C3 AI Enterprise AI software for accelerating digital transformation • Revenues: $310M (FY ending May ‘24) • Market cap: $3.7 B (June ’24) • IPO in Dec 2020 • Founded in 2009
  • 10. Confidential WUNDERVC Startups create new categories and renew existing ones 10 Category creation • Unmet need • A different problem • Exponential improvement • Education • Evangelizing • Establish the rules • Own the market Category renewal • Existing need • A better solution • Incremental improvements • Differentiation • Selling • Play by other people’s rules • Compete for share
  • 11. Confidential WUNDERVC Each industrial revolution has created new categories and a new set of players 11 Industrialists SW Generalists SW Specialists Siemens 1847 GE 1892 Schneider 1836 Rockwell 1903 Honeywell 1906 ABB 1883 SAP 1972 Oracle 1977 Epicor 1972 PTC 1982 Dassault 1981 Autodesk 1982 Ansys 1970 1870 1969 2011 INDUSTRY 2.0 Mass production, assembly line, Electrical energy INDUSTRY 3.0 Automation, computers, electronics INDUSTRY 4.0 Cyber physical systems, IoT, networks New players Samsara 2015 C3.ai 2009 ? ? ?
  • 12. Confidential WUNDERVC 12 Emerging industrial tech startups in the SF Bay Area: Manufacturing dominates Category creation Category renewal • Figure $854M Humanoid robotics 2022 • Bright machines $311M Manufacturing cells 2018 • Carbon $683M 3D printing 2013 • Covariant $212M Pick and place robotics 2017 • Velo3D $275M Metal 3D printing 2014 • Flexiv $196M Adaptive robotics 2016 • Arris composites $153M High performance parts 2017 • Fictiv $193M Part sourcing 2013 • Diamond Foundry $350M Reactor produced diamonds. 2012 • Mycoworks $187M Non plastic biotech 2013 Manufacturing Robotics SW
  • 13. Confidential WUNDERVC 13 Emerging players industrial tech startups in Germany: Software dominates, followed by IIoT Category creation Category renewal • Konux $131M IIoT for railways 2014 • Agile Robots $270M Robotics 2018 • Wandelbots $121M Robotic software 2017 • Neura Robotics $76M(e) Robotics 2019 • NavVis €96M Indoor mobile mapping 2013 • Emnify $79M Managed IoT connectivity 2017 • Twaice $72M Battery analytics software 2018 • Simscale €52M CAE software 2012 • HiveMQ €49M Data connectivity platform. 2012 • Kinexon $130M Digital twins 2012 Robotics IIoT SW
  • 14. Confidential WUNDERVC The past decade of industrial tech software has lacked IPOs and has been dominated by consolidation among existing players A plethora of new technologies has emerged during the past decade The pipeline of emerging industrial tech startups in the SF Bay Area and in Germany is stacked with many promising candidates