Parsec Automation Corp. has announced a recapitalization led by BVP Forge. I suppose we all know where this is leading when a founder-led company with a long-time track record takes on a major amount of VC money. I wish them well. Here is the gist of the press release with all the usual marketing terms thrown in.
UPDATED Release 7/19/23
Today, Parsec Automation Corp, a trailblazer in Manufacturing Operations Management (MOM) software, announced a major recapitalization led by BVP Forge, designed to fuel future growth.
Parsec forms dynamic partnerships with manufacturing entities worldwide, sparking pivotal transformations to boost efficiency and drive their ongoing enhancement goals. Its TrakSYS software platform demystifies manufacturing operations, providing users with heightened visibility, profound insights, and superior control—indispensable factors for success in their rapidly-evolving industrial landscape.
TrakSYS enjoys a trusted position in thousands of facilities in more than 100 countries. It serves a variety of sectors, from automotive and chemical to food & beverage, life sciences, and packaged goods. Among Parsec’s globally-esteemed customers are industry heavyweights such as AB InBev, Akzo Nobel, AstraZeneca, Beiersdorf, DuPont, Johnson & Johnson, and Eli Lilly. Parsec doesn’t just help businesses reach their goals; it helps them redefine what’s possible, carving out a path to a more efficient, productive, and sustainable future.
In the recently published Gartner 2023 Critical Capabilities for Manufacturing Execution Systems, Parsec Automation ranked the highest amongst all included MES vendors in 3 of 4 Gartner Use Cases—Continuous Process Manufacturing, Batch/Repetitive Flow Manufacturing, and Highly Regulated Industries.
Eddy Azad, founder & CEO of Parsec, shared, “TrakSYS’s unparalleled functionality and user experience have allowed us to disrupt legacy market products. As an innovation-focused and profitable company, we realized the vast potential of an alliance with BVP Forge to expedite our vision and enhance customer impact. The synergy of Parsec’s deep-rooted manufacturing operations management expertise with BVP Forge’s considerable resources ignites great excitement for our future.”
BVP Forge will bring its business building program, ForgeEdge, to help Parsec scale its platform, accelerate growth, and maximize customer impact. BVP Forge will also provide Parsec access to the renowned growth IP, talent network, and roadmap insights of Bessemer Venture Partners, which has decades of experience scaling enterprise companies into market leaders.
“We are very impressed with Parsec’s unique technology, customer impact, and track-record of profitable growth” said Brian Cramer, BVP Forge Operating Partner. “We see a clear and compelling opportunity to help accelerate the company’s success and build on its vision.”
“Manufacturers are increasingly embracing digitalization, which relies on high-quality data produced and synthesized on a plant floor,” said Rob Arditi, BVP Forge Partner. “Parsec’s mission criticality and core value proposition are evidenced by the company’s high customer satisfaction, strong retention, and superior product platform. We are thrilled to partner with the Parsec team and help the company reach its vision.”
Gartner, Critical Capabilities for Manufacturing Execution Systems, By Rick Franzosa, Christian Hestermann, Published 10 July 2023
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