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Bulgaria's Sappience raises 200,000 euro in Innovation Capital-led funding round

Bulgaria's Sappience raises 200,000 euro in Innovation Capital-led funding round Deal, business, corporate contracts

SOFIA (Bulgaria), October 13 (SeeNews) - Bulgarian IT services startup Sappience said it raised 200,000 euro ($231,300) investment capital in a funding round led by local venture capital fund Innovation Capital.

The funding round, in which an angel investor participated, will help Sappience expand its team and empower the go-to-market of the company's product - the low-code asset management software Asset Insider, the startup said in a statement late last month.

Following the investment, the company will provide maximum ease of adoption and implementation of Asset Insider with an accelerated customer and user onboarding while also focusing on developing a partner network of technology and professional service providers.

Sappience's Asset Insider is an end-to-end solution for enterprises in asset-intensive industries such as utilities, energy, telecommunications, oil and gas, manufacturing. It supports those industries in managing the asset lifecycle with its digital twin capabilities and the freedom to customise the app with low-code.

The company added that it will double its headcount, expanding the sales, marketing, and customer and partners enablement units.

"We pursued this investment to give us resources and flexibility to help organisations worldwide to manage the asset lifecycle with Digital Twins via even more automated customer engagement processes," the company said in its statement.

Innovation Capital is a 21.1 million euro venture capital fund, with the main investor, the Fund of Funds (FoF) in Bulgaria, providing equity and quasi-equity funding to Bulgarian start-up companies. Innovation Capital supports high-priority sectors in the local economy in their transformation through professional innovation management in high-potential start-ups and scale-up businesses.

($ = 0.8647 euro)