ProoV

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Part
01

ProoV - 2017

In 2017, prooV launched a new version of its platform, as well as prooV Red Cloud. It also established partnerships with Deloitte and Isracard, hired its first Chief Operating Officer, raised $14 million in Series B funding round, and won gold in Best of Biz Awards.

Findings

January 3: The First Edition of prooVday with Isracard

  • On January 3, 2017, prooVday announced the conclusion of the first prooVday competition, done in partnership with Isracard.
  • The contest was done in partnership with Isracard, one of the key financial services companies in Israel.
  • The strategic collaboration allows Isracard to shorten the innovation process from two years to just two months.
  • Out of over 200 startups that applied for the competition, 40 were selected and gained access to resources provided by prooV.
  • The winners of the 2016 edition (which concluded at the beginning of 2017) were Seegnature, Rewire, and EZSave.

January 31: The Launch of prooV 2.0

  • On January 31, 2017, prooV announced the improved version of its platform.
  • The changes resulted from analyzing experiences of 100 enterprises and 500 startups and software vendors that used the platform.
  • The upgrade is meant to eliminate common pain points communicated by companies that use the software.
  • prooV 2.0 offers better communication options, an addition of a "Deploy" button, a new technology for front-end reactive programming, simplified user experience, and "opportunity marketplace" with more personalized recommendations for collaboration.

August 2: Series B Funding Round

  • On August 2, 2017, prooV announced the results of its Series B funding round. They raised $14 million.
  • The round was led by Helios Capital and Mangrove Capital. Two other investors were OurCrowd and Cerca Partners.
  • Helios Capital joined the round, because, according to them, prooV facilitates developing innovations for startups and enterprises alike.
  • Mangrove Capital believes that prooV makes Chief Information Officers' (CIOs) job easier. CIOs are essential for implementing emerging technologies, which is why it considers prooV a worthy investment.
  • The company planned to use the funding to open a New York City location, "increase its operational footprint and headcount," and work on improving its platform's capabilities.

September 14: Appointing the First Chief Operating Officer

  • On September 14, 2017, prooV appointed Yossi Ben Harosh as its first-ever Chief Operating Officer.
  • It was announced that Harosh would be based in the Israel offices and focus on prooV's go-to-market and long-term growth strategies.
  • Harosh has more than 25 years of senior executive experience. He worked in telecommunications, enterprise software and hardware companies.
  • As of 2017, he was a board director of Mobile SmartCity Corp and the Israeli Chapter of the YPO.

November 15: Launch of prooV Red Cloud

  • On November 15, 2017, prooV Red Cloud started to be immediately available for customers.
  • The private cloud added a new capability to the company's offerings, allowing the simulation of cyber attacks on technologies in testing.
  • Available simulations include phishing, malware, and persistent threats.
  • With the new tool, prooV's customers can enhance the security of their technologies before they are brought to the market.

November 29: Gold in Best in Biz Awards 2017

  • On November 29, 2017, it was announced that prooV won gold in Best in Biz Awards 2017.
  • It won in the "Enterprise Product of the Year — Software" category.
  • Overall, there were 65 categories and over 650 candidates, including public and private companies of various profiles and sizes.
  • Best in Biz Awards is an independent business initiative. Winners are chosen by reporters and editors from key publications in North America.
  • In 2017, the judges included representatives of Forbes, Accounting Today, AdWeek, Forbes, Entrepreneur, Media Post, Associated Press, Harvard Business Review, and Atlanta Tribune.

December 7: Second prooVday Competition with Isracard

  • On December 7, 2017, prooV announced the winners of its second prooVday competition.
  • The edition " focused on test-driving startup technologies" that enable a better shopping experience.
  • 450 Israeli startups submitted applications, and 28 were chosen as finalists.
  • The finalists received all the assistance needed to develop their proof-of-concept in two months.
  • The competition had three winners: TapReason, OverAI, and Paid It, who got cash prizes.
  • The closing event also featured industry experts, such as Ron Gura, Senior Vice President at WeWork, and Dorel Blitz, Head of Fintech at KPMG Israel.

December 11: Partnership with Deloitte

  • On December 11, 2017, prooV announced a global strategic partnership with Deloitte.
  • The companies launched a prooV-powered Cyber Lab for Deloitte's global clients, as an element of Deloitte's Innovation Tech Terminal.
  • The lab helps to "execute PoCs quickly and assess new technologies against cyber threats before implementation."
  • The first customer of the Cyber Lab, which was announced at the same time, was a Japanese insurance company, Sompo. It wanted to simulate cyber attacks on its new solutions.

Research Strategy

We searched for major events from 2017 for prooV in the news section on the company's website. The section includes both all the press releases by prooV and links to media articles that mention the startup. Therefore, we assumed that it provides a comprehensive overview of the major events for prooV.

We looked through all the entries from 2017, starting from the one from January 2 and ending with the one from December 21. After excluding all the links to articles that described prooV and its platform, as well as various lists of innovative startups and announcements about conferences that included panelists from prooV, we found exactly eight events, which we provided above.
Part
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Part
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ProoV - 2018

In 2018, ProoV ran a venture funding round, expanded their strategic partnership with Deloitte, won multiple awards, was featured in the Huffington Post, and attended multiple events.

HuffPost

  • In January 2018, ProoV CEO Toby Olshanetsky was interviewed by Yitzi Weiner and the interview was featured on the Huffington Post.

Frost & Sullivan

  • In January 2018, Frost & Sullivan announced ProoV as the recipient of the 2018 European Visionary Innovation Leadership Award.

Chief Innovation Officer Summit

  • On April 25, 2018, ProoV attended the Chief Innovation Officer Summit.

Partnership with Deloitte

  • In June 2018, ProoV expanded their strategic partnership with Deloitte. Deloitte utilized ProoV to test companies in Deloitte's Innovation Tech Terminal.
  • The CEO of ProoV, Toby Olshanetsky, said about the partnership: "We are at a global innovation inflection point. In Deloitte, we have found a trusted partner that shares a similar goal to enable enterprises to identify emerging technologies, find groundbreaking startups, facilitate PoC testing and integrate those solutions to win in an increasingly competitive marketplace."

Stratus Award

  • In August 2018, ProoV was named a Stratus Award winner by the Business Intelligence Group. The award is intended to "identify the companies, products and people that are offering unique solutions that take advantage of cloud technologies."

CNBC Upstart 100

  • In October 2018, ProoV was named one of CNBC's Upstart 100, or one of their 100 startups to watch in 2018.

Venture Round

  • In November 2018, ProoV raised an undisclosed amount in a venture round.

Gartner Symposium/ITxpo 2018

  • On November 4, 2018, ProoV attended the Gartner Symposium/ITxpo 2018.

Israel HLS & Cyber 2018

Part
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Part
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ProoV - 2019

In 2019, prooV's major events have primarily included participation in industry events and several high-level hirings. No new investments or significant partnerships were identified.

Major Events in 2019

Research Strategy

We began by searching prooV's press releases and social media accounts for news of major events, but the most recent release was an announcement of a partnership with Deloitte from June 2018.

Then, we consulted startup news aggregators such as Crunchbase and CB Insights in search of investment news for 2019, but the company's most recent funding round occurred in 2018.

We then searched LinkedIn for employees who began working for prooV during 2019, which identified some high-level hires for the year.
Part
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Part
04

ProoV - Competitors

Simply put, prooV is a proof of concept (PoC) platform that allows businesses to test new technologies. It is a hub where companies can engage, offer, test, analyze and evaluate new solutions as one connected experience. Eight competitors to prooV that offer similar services and are competing for the same target market include SwitchPitch, The Innovation Scout, and Servoy. All eight competitors are listed below, along with their website link, and proof they offer PoC.

SwitchPitch

  • SwitchPitch Connect is a platform that is designed to help established companies find innovative startups for their innovation needs.
  • Fortune 500 companies use the platform’s proprietary startup database to engage in pilot projects for proof of concept.

The Innovation Scout

  • The Innovation Scout's "Fast Track Lean Innovation" services are designed to accelerate a company’s ability make decisions about innovation ideas quickly and helps corporations to discover, engage and run pilots with startups and open research. AI is used to support the entire innovation process.
  • The Innovation Scout offers PoC.

Particular Software

  • Particular Software's customers include banks, retailers, auto manufacturers, insurance companies, energy and media companies, across every industry, from the smallest startups to the Global 2000.
  • Particular Software helped Rikstoto do a proof of concept while transitioning from layered web services to an event driven architecture.

Cloudshare

  • Cloudshare offers full turnkey virtual IT lab solutions for each stage of software companies' business life cycle. This includes R&D to sales enablement, proof of concept, training, and support.
  • Cloudshare states that companies can easily manage their POCs on the cloud with granular analytics.

DesignLi

  • DesignLi helps clients design and develop custom apps and mobile web-apps. They act as a guide, offering PoC, leading their clients through the process of building complex digital products.
  • DesignLi offers validation without the risk. Customers receive market validation and a fully demoable prototype through their "transparent, tried-and-true process."

Sensinum

  • Sensinum provides creative agencies and product companies with technological support to bring their ideas to life quickly, confidentially and at the most optimal price.
  • Sensinum provides PoC services.

Troposphere Technologies

Servoy

  • Servoy's PoC enables a company to build rich business applications that can be deployed to both the desktop and over the internet.
  • According to Servoy, there are varying approaches to a proof of concept. "It could mean building a piece of software or showing how certain features are covered in the platform."
Part
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Part
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ProoV - Competitors 1

SwitchPitch's headquarters are located in Washington, D.C. and the company's estimated, annual revenue is $5.2 million. The Innovation Scout's headquarters are located in Newport, Rhode Island and the company's estimated, annual revenue ranges between $1 million and $10.6 million. Particular Software lists its office location as Haifa, Israel (though all employees work remotely) and the company's estimated, annual revenue is $2.88 million.

Competitors to prooV — SwitchPitch, The Innovation Scout, and Particular Software

1. SwitchPitch

  • SwitchPitch's estimated, annual revenue is $5.2 million, according to Crunchbase.
  • The company is headquartered in Washington, D.C.
  • Nine employees are listed for the company on Linkedin.
  • The company's product is called SwitchPitch SRM (startup relationship management), which is a software platform that enables companies "to easily identify, vet and manage innovative startups interested in corporate partnerships to get deals done."
  • The company also offers a service called the SwitchPitch Partner Program through which large companies can post projects that they need innovation help with and startups (which have created a profile) are able to submit pitches to win those projects.
  • SwitchPitch's competitive advantage is that it offers both an online marketplace through which companies can post their innovation needs (which is a reversal of the traditional format of startups pitching their solutions to companies, hence the name SwitchPitch) for which startups can apply to win the projects and a "proprietary startup database to scout startups, pipeline relationships, engage in pilot projects, and get deals done." Furthermore, the company states that it offers "the most comprehensive startup innovation source available."

2. The Innovation Scout

  • The Innovation Scout's estimated, annual revenue on ZoomInfo is listed as $10.6 million, yet on Crunchbase is estimated at $1 million. We provided both revenue estimates due to the disparity between them and because we did not find a third revenue estimate, which we could have used for added clarity.
  • The company's product is The Innovation Scout Platform, which "is a Software as a Service (SaaS) platform that helps corporations to discover, engage and run pilots with startups and open research. What is special about . . . [the] platform is the use of artificial intelligence (AI) to match relevant startups with corporate business challenges."
  • The company also offers a free tool called Startup Showcase, which is an interactive map of the U.S. that shows the locations of startups involved with The Innovation Scout and the amount of funding in particular areas.
  • With regard to competitive advantage, the company states that its "Scouting platform makes us unique." That platform is powered by AI and enables companies to "accelerate . . . [their] innovation initiatives through Design Thinking, Lean Process and specialized services such as Data Science, Machine Learning and Voice Technology."

3. Particular Software

  • Particular Software is also sometimes referred to by its previous name, NServiceBus Ltd. According to Hoovers, NServiceBus's estimated, annual revenue is $2.88 million. We provided that revenue estimate because we did not find one for the company name Particular Software.
  • Particular Software's website states that the company is located in Haifa, Israel. However, the company also notes that it is does not have a central office, as the employees are located in 15 countries and "all work from home."
  • The company's main product is NServiceBus, which is included in the .NET Service Platform. At its core, "NServiceBus is a Microsoft .Net based framework for implementing the Enterprise Service Bus pattern. It's a framework for implementing reliable messaging through various transports without having to write boilerplate code."

Research Strategy

We found information about the companies' products, services, competitive advantages, and headquarters locations mainly by reviewing the information provided on their websites. The only revenue data we found for the companies were estimates, which came from Hoovers and Crunchbase. The employee counts came from the companies' websites and Linkedin pages. This research process provided us with all the information requested about the competitors.
Part
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Part
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ProoV - Competitors 2

The estimated revenue, location, employee number, products/services and competitive advantage of Cloudshare, DesignLi and Sensinum have been provided below.

Cloudshare

  • Cloudshare has an estimated revenue of $4.3 million.
  • Cloudshare is based out of San Francisco, CA.
  • Cloudshare has an estimated 43 employees.
  • Cloudshare provides virtual IT labs for training, demos, product support and sandboxing.
  • Cloudshare's competitive advantage is that it "combines virtual machine computing, networking, operating systems, software and memory into an easy-to-use, high-performance environment."
  • The company is unique in providing a single platform for all stages of business, from R&D to sales and customer support and is known for their ease of use and quality customer support.

DesignLi

  • DesignLi has an estimated annual revenue of $145,400.

Sensinum

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Part
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ProoV - Competitors 3

The estimated revenue, location, employee number, products/services and competitive advantage of Troposphere Technologies and Servoy have been provided below.

Troposphere Technologies

  • Troposphere Technologies has an estimated revenue of $0.1 million.
  • The company has its headquarters in Dover, Delaware, United States.
  • Troposphere Technologies has ten employees who are data engineers and "Google Cloud Platform Architects".
  • Troposphere Technologies specializes in Google Cloud Platform, cloud managed services, cloud migration, cloud security, GCP, Amazon, Azure, cloud forensics, and AWS
  • It also offers services including information technology, project management, "micro services development, programming, Kubernetes, app engine, cloud storage, IAM, and hybrid clouds".
  • The competitive advantage for Troposphere Technologies is their skilled employees who are certified Google Cloud Platform architects and data engineers.
  • Troposphere Technologies also has "a collective 250 years of IT/IM/ and project management consulting experience".
  • The company's partnership with Google enables it to offer quality services in North America, EMEA, Latin America, and Asia-Pacific.

Servoy

  • Servoy has an estimated revenue of $16.9 million in annual revenue.
  • Servoy is based out of Westlake Village, CA.
  • Servoy has between 51-200 employees.
  • The company specializes in cloud computing, agile, "Platform as a Service (PaaS), rapid application development, Software as a Service (SaaS), deployment, integration, mobile development, mobile platform, and business applications".
  • The competitive advantage of Servoy is that it offers a fast way of developing and deploying "cloud-based business applications anywhere and on any device".
  • Servoy has partners and distributors globally and offers easy and intuitive business apps.
  • Servoy offers its customers rapid development experience by offering "components, frameworks, pre-built functionality and templates".

Research Strategy

In order to find the revenues of these companies, we first searched through the companies' website. Although we were able to find other details such as products/services and competitive advantages of the companies, information on revenue was not available. Our search revealed that these companies are private and therefore are not required to disclose their revenue.

Next, we searched through the public domain for news articles, publications, press releases, and other trusted media sources such as Forbes, PRNewswire, and Business Insider for the required information. This strategy was to find out if the companies made mention of their revenues during interviews or press releases. This step also yielded no result as most of the information available was about their services. Furthermore, we resorted to the social media channels (LinkedIn, Facebook, and Twitter) of these companies but none of them provided any information on their revenue.

Lastly, we resorted to other third party sources such as business directories that are reputable in providing company analysis. We looked into the profile of each company on sources such as Hoovers, Zoominfo, and Crunchbase and provided estimates of their revenue.
Sources
Sources

From Part 04