A Wichita-based startup raised more than $23 million last week in a Series B funding round.
New York-based venture capital and private equity firm Insight Partners led the investment into technology-based Weavix, which produces a smartphone-type communication system for on-the-ground industry workers.
The company says the funding will allow it to expand its product line into new industries, as well as hire 150 new employees this year.
"I’m truly excited to work alongside some of the largest and most accomplished industry leaders who share a commitment to enabling and solving the unique challenges faced by the frontline workforce," said Augusta entrepreneur Kevin Turpin, founder and CEO of Weavix, in a news release. "... Our new partners best prepare Weavix to set the stage for the rapid growth trajectory we expect this year.”
It's the second major investment into the Wichita tech company in recent years. In January 2022, Koch Disruptive Technologies, a division of Wichita-based Koch Industries Inc., invested $10 million in the company.
Weavix was launched in 2021 and was a 2022 WBJ Innovation Award honoree.
Turpin saw an issue and created a solution. In addition to communication with other workers, the Weavix platform uses artificial intelligence to gather and analyze safety data. Through the new technology, executives can see real-time into a plant's operations and increase workflow.
As a benefit of working with Koch Labs, through the first funding initiative, Weavix has been able to tap into the company’s subject matter experts and businesses.
“Weavix’s mobile device for the frontline worker is a game changer,” said Grace Kotick, vice president at Insight Partners, in a release. "Their smart radios and corresponding software unlock a new level of connectivity and productivity for the frontline workforce. Their blend of hardware, software and enhanced networking has transformed communications for those who need it most. We look forward to partnering with the Weavix team as they continue to grow and scale up.”
Kotick will join Weavix's board, as well.
Four More Capital, The Friedkin Group, and Perkins Coie also participated in the funding round.
Insight Partners, a global software investor, has invested in more than 800 companies worldwide and has more than $80 billion in assets under management.
Through this second wave of funding, Weavix says it will expand its product line and increase its market presence, introducing the smart radio to other industries, including energy, food and beverage production, hospitality and manufacturing. It will also add more than 150 jobs by year-end to its southeast Wichita campus, which already employs around 50 people — from engineers to programmers.
Justin Nickel, Weavix's chief marketing officer, said prior to Weavix, many front-line workers did not have a way of easily communicating in the field. By building its own radio and putting a software platform on it, Weavix was able to not only communicate in realtime, but management can use the data to increase workflow. The communication device allows frontline workers to communicate digitally, abandoning analog radios and changing the paradigm.
"It (the old way) was a major time waste," Nickel said. "They can't work as efficiently as possible or safe as possible."
As the company continues to grow, it will expand to new locations across the U.S.
"We've experienced rapid growth," Nickel said. "We have numerous Fortune 500 companies already."
