Portfolio News
June 26, 2024

Powering the Future of Heavy Machinery: Our Investment in Digital Iron

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Powering the Future of Heavy Machinery: Our Investment in Digital Iron

We're thrilled to announce our participation in Digital Iron’s $2 million pre-seed round, an exciting Vertical SaaS and Marketplace business eyeing the heavy machinery industry. We're joining this exciting journey alongside Seedcamp, FJ Labs and RTP Global.

Solving a multi-billion $ Problem

In the world of heavy machinery, downtime isn't just an inconvenience—it's a significant financial blow. Each machinery failure costs operators approximately $41,000 due to downtime, rentals, and overtime staff costs. This ripple effect impacts infrastructure and construction projects globally, underscoring the critical need for a solution.

Digital Iron addresses this challenge head-on, offering a game-changing approach to machinery maintenance and dealer support.

Digital Iron - The Future of Heavy Machinery

The Digital Iron Solution

Founded by serial entrepreneur Ciaran Gillen (CEO) and Salina Brown (CPO), Digital Iron is set to transform how heavy machinery dealers and operators interact with their equipment by integrating with dealership knowledge management systems, customer data, and machine data—all while streamlining the coordination of spare-part logistics. 

Leveraging the power of Large Language Models (LLMs), Digital Iron extracts crucial signals from millions of fragmented data points across thousands of PDFs and telemetry data. This technology empowers dealers with accurate information and streamlined workflows to swiftly resolve customer issues and ultimately reduce machinery downtime. 

Why We're Excited

At Concept Ventures, we're always on the hunt for teams tackling large, complex problems with cutting-edge tech and commercial nuance. Digital Iron checks all these boxes for us:

  1. Experienced Team: Ciaran Gillen brings valuable insights from his previous venture, Machinery Partner, while Salina Brown contributes her extensive UX expertise from her time at HP and TechStars Boston.
  2. Massive Market Opportunity: The heavy machinery industry is ripe for disruption, with numerous avenues for growth and expansion.
  3. Unique Industry Insight: The founding team's combination of industry knowledge and startup experience sets them apart in a field where few possess both.
  4. Scalable Solution: Digital Iron's approach has the potential to revolutionise not just individual machine maintenance but entire fleets and dealer networks.

Looking Ahead

We're excited to support their growth and have them join our growing portfolio of Vertical SaaS and B2B Marketplace investments (👀). 

As Digital Iron embarks on this journey to reduce machinery downtime and boost dealer revenues, we believe their solution can reshape the heavy machinery industry, leading to more efficient operations, reduced costs, and improved productivity.

We look forward to working closely with Ciaran, Salina, and the entire Digital Iron team as they build the future of heavy machinery management.

Stay tuned for more updates on Digital Iron's progress, and you can find more information on them at the links below: