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November 30, 2023

Global tech company with Maine base has just raised $91M in private equity

Braincube, an international software developer with U.S. headquarters in Portland, has raised $91 million in new equity investment, the company said Wednesday.

The funding was led by Scottish Equity Partners, a private equity firm based in Glasgow, Scotland, in partnership with Bpifrance, a French public-sector investment bank, according to a news release.

The Braincube technology uses artificial intelligence to help manufacturers improve the quality, productivity and sustainability of their operations. Founded in 2007, the company is headquartered in Issoire, France, and has over 250 employees in Europe, Brazil and the U.S.

There are about 50 employees in Maine, a spokesperson told Mainebiz. They're based at offices on Fore Street, where the company has led its U.S. operations for the past eight years.

The Braincube software is used at manufacturing sites in 35 countries — including Sappi, the giant paper and pulp producer with mills in Skowhegan and Westbrook. Braincube says the data provided by its platform has saved customers $10 billion and helped reduce carbon emissions by 2.8 million tons.

A Scottish Equity Partners executive, Angus Conroy, said, "Braincube is an impressive business, with an IP-rich product, excellent customers, and a track record of strong growth. The company has a leading position in a market that benefits from strong tailwinds, as manufacturers embrace Industry 4.0."

Industry 4.0 is a buzzword that refers to what has also been called the fourth industrial revolution — a shift toward the use of technology that can analyze and improve operations without human involvement.

Laurent Laporte, CEO and co-founder of Braincube, said, "We are delighted to be partnering with SEP, one of Europe's leading growth equity investors in software companies, and Bpifrance, one of France's leading investors. It is clear that in SEP and Bpifrance we have found long-term supportive partners who can help Braincube continue its global growth journey."

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