Spring Works
Allows to connect cars to the cloud.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
| N/A | €0.0 | round | |
* | €1.0m | Convertible | |
| Total Funding | 000k | ||
| EUR | 2016 | 2017 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | 2555 % | 117 % | - | 16 % | 44 % | (12 %) | 21 % |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | (51 %) | (69 %) | - | - | - | - | - |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | (53 %) | (92 %) | 8 % | 4 % | 12 % | 3 % | 7 % |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
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Springworks AB, founded in 2007, is a technology firm based in Stockholm, Sweden, that specializes in Machine-to-Machine (M2M) and mobile solutions for the automotive sector. The company has established itself as a developer of applications that transform vehicles into smart cars.
The business operates on a white-label service model, providing its platform to mobile operators and other partners who then offer the services to end-users. This platform enables a range of services including vehicle diagnostics, crash assistance, and roadside assistance management. Their client roster includes prominent telecommunication companies like Telia and Swisscom, as well as automotive businesses such as AMAG. The company generates revenue through these strategic partnerships and service integrations.
A key product is its M2M platform for motor vehicles, which was developed as part of the Volvo On Call project. The company also offers fleet management solutions that utilize an OBD-based device to upload driving data to the cloud. This allows fleet operators to monitor fuel costs and other driving parameters, complete with analytics. Springworks' technology stack is modern, utilizing Typescript and Java, and manages all infrastructure as code to ensure reliability and efficiency.
In a significant milestone, Springworks was acquired by Tantalum Corporation on November 19, 2018, for an enterprise value of $17.7M. The acquisition was a strategic move to combine Tantalum's expertise with Springworks' front-end capabilities and experience in onboarding service providers from sectors like insurance, car dealerships, and repair services. This deal aimed to create one of the largest connected car solution providers with an expanded footprint across Europe and the USA.
Keywords: connected car, M2M solutions, fleet management, automotive technology, vehicle diagnostics, white-label platform, telematics, OBD device, automotive services, mobile vehicle solutions, smart car, Volvo On Call, Tantalum Corporation, Telia, Swisscom, AMAG, infrastructure as code, pay-as-you-drive, usage-based insurance, crash assistance