Syncron Raises $67 Mn Funding to be used to Support Its Cloud-Solutions for Manufacturers

Syncron recently announced that it has successfully closed a $67 million minority investment round from global growth equity firm Summit Partners. The alliance with Summit Partners will serve to support the company’s sustained development of its enterprise SaaS solutions and also drive further expansion of its global operations.

It may be interesting to note that this investment in Syncron is Summit Partners’ first investment in Sweden.

Syncron provides a fully integrated SaaS platform that is aimed at optimizing the performance of the after-sales service supply chain and empowering manufacturers across the globe to develop to subscription-based uptime service models — a crucial part of the journey to servitization. The Syncron Service Cloud implements machine learning to multi-echelon logistics and IoT data with the goal to offer predictive insights and drive improved customer experiences, brand loyalty, and enhanced efficiency. Syncron, headquartered in Stockholm, Sweden, helps after-sales service organizations of various leading manufacturers across the world, including Hitachi, Electrolux, Mazda, JCB, Toyota, and Siemens. The company currently employs more than 330 employees across 10 offices worldwide.

Anders Grudén, chief executive officer, Syncron, said, “We are delighted to partner with Summit Partners to support Syncron’s next chapter of expansion and our path to IPO readiness. Summit’s deep experience collaborating with high-growth, enterprise SaaS companies will add valuable support to our vision of leading the transition from reactive, break-fix after-sales service to intelligently maximizing product uptime and customer loyalty.”

Syncron helps manufacturers worldwide to optimize product uptime and also proffer consummate after-sales service experiences, while driving notable revenue and profit improvements. The company’s cloud-based service parts inventory, price, and uptime management solutions have been engineered to consistently surpass customer expectations. It serves a variety of leading from around the world trust, helping them revamp their after-sales service operations into competitive differentiators.