Siemens Helping Start-ups to Establish Themselves
Siemens is both Providing support and Funding for High-Tech Start-UpsApril 07th, 2016
Siemens AG is a German global technology powerhouse that has stood for more than 165 years. The company is active in more than 200 countries, focusing on the areas of electrification, automation and digitalization. In addition to these activities Siemens also helps start-ups.
Speed and the ability to innovate are a few of the strengths of start-ups. Siemens Innovative Ventures taps into these strengths and combines them with the advantages offered by a large company. The company does this through partnerships and by starting its own start-ups. For example, “Magazino” is a start-up, which is producing a robot called ´Toru´. Toru can recognize objects, grab and transport them from a warehouse shelf to a packing station.
Magazino captured the attention of Siemens Novel Business (SNB) one of three departments at Siemens Innovative Ventures. Specialists at the SNB look for business in fields where Siemens isn’t involved. That was the case with Magazino and SNB purchased the shares of Magazino’s previous financial investors. Many start-ups don’t know how to deal with the development and implementation of production lines for highly complex systems, that’s where SNB comes in. As it´s Siemens’ core area of expertise.
The employees of Siemens Innovative Ventures regularly attend funding organizations for high-tech start-ups. At these events many young people present their ambitious projects, at this event Siemens was convinced about the concept of Magazino.
Another initiative of Siemens is Siemens Venture Capital (SVC). This a financing partner that focuses on start-ups in Europe, Asia and the USA. They provide capital to businesses who are trying to grow and expand. SVC focuses on companies that develop industrial software, technologies for energy management, mobility management, and molecular diagnostics. The organization’s activities also help Siemens gain access to new technology solutions and markets.
Innovative Ventures and Siemens Venture Capital (SVC) have the concentrated expertise needed to optimally combine the strengths of start-ups together with those of a major company. Innovations are happening at a faster pace than ever before. Through start-ups Siemens has access to new technologies and both of the companies can learn from each other.
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Photo Courtesy © Siemens
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Candice Domingo, Berlin Global