Closing SoonGT-2026-005· Listed Feb 28, 2026
Mittelstand Industrial AI — Series B
Predictive-maintenance AI platform deployed in 320+ Mittelstand factories; 138% NRR.
Germany · Europe Technology / Industrial Software Series B Equity Closes Aug 22, 2026
Raise Target
€48.0M
Committed
€41.5M
Min Ticket
€500K
Target Return
3.5–4.5x MoIC
Horizon
5 yrs
86% subscribed · €6.5M remaining
Executive Summary
Series B for a German industrial-AI scale-up serving the Mittelstand manufacturing base with predictive maintenance and energy-optimisation software. Capital is allocated to EU and North American expansion and an embedded edge-compute hardware module.
Investment Thesis
- ARR USD 22M growing 94% YoY with 138% net revenue retention.
- Embedded into ERP & SCADA stacks — high switching cost.
- EU energy-pricing pressure accelerates payback on customer side to <11 months.
Use of Funds
Go-to-market (EU + US)46%
R&D — edge module32%
Customer success scaling14%
Working capital8%
Financial Snapshot
ARR (current)
EUR 22M
Gross margin
82%
NRR
138%
Burn multiple
0.7x
Transaction Structure
EUR 48M Series B preferred, 1x non-participating liquidation preference, pro-rata rights for participating LPs.
Risk & Mitigation
Key Risks
- · US market entry execution
- · Hyperscaler competitive overlap
- · Sales cycle elongation
Mitigants
- Hire of seasoned US VP Sales from competitor
- Hyperscaler partner program signed
- Multi-year framework agreements with 18 anchor customers
Timeline & Milestones
- 2023Series A
- 2025 Q4Series B opened
- 2026 Q3Final close
Sponsor
Rhein-Werk Technologies GmbH
Rhein-Werk is a 9-year-old enterprise software company founded by ex-Siemens automation leaders, backed by tier-1 European VCs.
ESG & Impact
- Average 14% energy reduction per deployed line
- Audited SOC 2 Type II
- Gender-balanced engineering org
Data Room
Investor Deck
PDF · 36 pp
ARR Cohort Analysis
XLSX
Tech & Security Diligence Pack
ZIP
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