Parsable Raises $20M from Global Industrial Firms to Eliminate Paper

I’m honored that Parsable has received an investment of $20 million from a consortium of the world’s largest industrial firms, including Saudi Aramco, Airbus, and Schlumberger.

This comes as our mobile collaboration and workflow platform is rapidly gaining traction among category leaders in industries like commercial construction, oil and gas, and manufacturing. Multinationals including Bechtel, Saudi Aramco, and FMC Technologies now use Parsable to boost quality, safety, and productivity.

It also validates Parsable’s founding vision. In these industries, a single mistake can cost millions of dollars, tarnish brands — even put lives at risk. Yet, while industrial firms have widely adopted digital collaboration technology in their back offices, their field and factory workers still do their jobs with the same error-prone tools they used in the 1950s: clipboards, sharpies, and walkie-talkies. Globally connected supply chains, higher quality standards, and tighter margins mean companies are eager to help their operations teams work smarter and be more productive.

Parsable helps the world’s largest industrial firms get jobs done right — every time — by replacing legacy paper workflows with modern collaboration technology designed from the ground up for industrial work. Our platform is built around three key ideas:

  • Clear, accurate job instructions on mobile devices
    Parsable makes it easy to give industrial workers accurate, step-by-step job instructions they can view and check off on their phones — even in areas with poor or no internet access.
  • Multimedia collaboration with colleagues and supply chain partners
    Team members can collaborate with colleagues and supply chain partners through multimedia chat and hi-res photos and videos.
  • Effortless data capture for continuous improvement
    Parsable digitally captures the data that teams previously recorded by hand, making analytics for improving safety and performance available instantly.

“Parsable is revolutionizing work,” says Alejandro Fernandez, Vice President at Brenntag LA, where operational teams are using Parsable on logistics projects. “It’s a total change to how we are going to work, train people, and structure the process of learning. It will change the way companies operate.”

Saudi Aramco, which led the new investment and is also a Parsable customer, reports similar results. ”Early deployments in several key business units have demonstrated a number of benefits, including improvements in safety and quality as well as better access to analytics and real-time reporting on the status of activities in the field,” says MJ Maloof, Investment Director for Saudi Aramco Energy Ventures. “Leading this round is a signal of our confidence in this new technology and its potential to transform the way field work is done in the oil and gas industry, and industrial sector generally.”

This is echoed by Schlumberger, one of our earliest partners who also participated in this round of financing: “Standard work instructions are helping Schlumberger achieve a high level of procedural adherence while also systematically improving our safety, efficiency, and reliability. Schlumberger is working with Parsable to develop and deploy a digital solution that allows us to author, execute, and monitor standard work instructions across our global operations,” says their Quality Systems and Practices Manager.

Over the next decade, we’re going to see a massive shift in how industrial work gets done, and our new backers further cement Parsable’s role as a leader of that change. If you’d like to learn more, contact us at contact@parsable.com, or visit http://parsable.com.

About Parsable

Parsable helps the world’s largest industrial firms get jobs done right — every time — by replacing legacy paper workflows with modern collaboration technology designed for industrial work. Our clients include Bechtel, Schlumberger, Saudi Aramco, FMC Technologies and other category leaders in commercial construction, oil and gas, and manufacturing.

Founded by veterans of Google, Microsoft, Youtube, and SAP, Parsable is headquartered in San Francisco with offices in Austin and Vancouver. Investors in Parsable include at Lightspeed Venture Partners, GV (fka Google Ventures), Andreessen Horowitz, First Round, and Kleiner Perkins, as well as Schlumberger Ventures, Airbus Ventures, and Saudi Aramco Energy Ventures. To learn more, visit http://parsable.com.