PropelPLM: Cloud-Centric Product Lifecycle Management
September 29, 2021 | Ashley Brindamour
Product Lifecycle Management (PLM) systems allow companies to facilitate the entire lifecycle of a product, from engineering to design to manufacturing. PLM solutions help improve quality, reduce prototyping costs, and accelerate time to market. As a result, it is expected that the global PLM market will grow to $43.6 billion by 2028.
Current PLM systems (e.g., Oracle Agile, SAP, Siemens) were developed in the mid-2000s and haven’t adapted to meet the needs of many companies’ cloud-centric environments. Alumni Ventures portfolio company PropelPLM is offering a modernized solution through its cloud-based PLM software. While most PLM companies focus on designing hardware and handing changes off to manufacturing, PropelPLM looks at the bigger picture — taking a product from a simple idea to marketplace commercialization to customer engagement.
A High-Value Partnership
PropelPLM is built on the platform of cloud-based software company Salesforce. By partnering with Salesforce, PropelPLM is disrupting the PLM industry by replacing old systems with a next-gen, highly collaborative, cloud-based tool. This collaboration helps PropelPLM improve technology and platform capabilities, keep operation costs low, and creates a solid go-to-market strategy.
Additionally, the combination of PropelPLM’s platform capabilities and partnership with Salesforce offers many benefits for consumers, including:
- Easy implementation and affordability
- Collaboration with colleagues and supplier networks
- Configurability that eliminates the need for customizations
- High scalability and stability
What We Liked About the Deal
Experienced CEO: PropelPLM’s Ray Hein has deep domain expertise in PLM. As the former VP of Product Strategy at Agile, he helped pioneer the market for PLM beginning in the late 1990s.
High Conviction from Lead Investor: Matt Garratt and Salesforce Ventures have a strong track record investing in cloud and enterprise SaaS, including DocuSign, Mulesoft, Zoom, Snowflake, and Twilio.
Substantial Market Opportunity: PropelPLM’s product offerings in Quality Management Systems (QMS), Product Information Management (PIM), and PLM represent a $40 billion total addressable market.
How We Are Involved
Alumni Ventures Green D Ventures (for the Dartmouth community) and sibling funds invested in three of Propel’s funding rounds, including the most recent $20 million Series C led by Salesforce Ventures.