Mitsubishi Electric’s ME Innovation Fund Invests in FTV LABS

Rhea-AI Summary

Mitsubishi Electric Corporation has announced a strategic investment in FTV LABS Pte. Ltd., a Singapore-based company specializing in field service management software named KEGMIL. This investment, the fund's second, aims to enhance operational efficiency in sectors such as manufacturing and logistics across Southeast Asia. With an emphasis on mobile-first technology, the partnership seeks to address rising demand for technical services and improve last-mile digitization, thereby enabling knowledge retention and workflow automation.

Positive

• Investment in FTV LABS to enhance operational efficiency.
• Focus on mobile-first technology for better field service management.
• Potential to improve productivity in manufacturing, construction, and logistics.

Negative

• None.

Startup engaged in field service management software for last-mile digitization

TOKYO--(BUSINESS WIRE)-- Mitsubishi Electric Corporation (TOKYO:6503) announced today that its ME Innovation Fund has invested in FTV LABS Pte. Ltd., a Singapore-based company that provides the field service management software “KEGMIL”. This is the fund’s second investment in a target company.

FTV LABS’s field service management software is helping to improve operational efficiency in manufacturing, construction, logistics and other industries, primarily in Southeast Asia. While deskwork has been made more efficient by enterprise-resources planning and customer-relationship management systems, workers in the field still must manage records manually, meaning that paper continues to account for a large percentage of such work. In response, KEGMIL has the potential to enable this last-mile digitization and knowledge retention.

Going forward, Mitsubishi Electric and FTV LABS plan to expand mutual business in Southeast Asia by enhancing fieldwork with a mobile-first approach to achieve greater operational efficiency.

Kelvin Ong, co-founder and CEO of FTV LABS, said: “With rising demand for essential technical services and talent shortage, KEGMIL aims to empower millions of deskless professionals with workflow automation and mobile-first technologies to drive operational efficiency, service performance, and knowledge retention.”

For the full text, please visit: www.MitsubishiElectric.com/news/

View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005258/en/

Customer Inquiries

Business Innovation Group

Mitsubishi Electric Corporation

Tel: +81-3-3218-4885

www.MitsubishiElectric.com/

Media Inquiries

Takeyoshi Komatsu

Public Relations Division

Mitsubishi Electric Corporation

Tel: +81-3-3218-2346

prd.gnews@nk.MitsubishiElectric.co.jp

www.MitsubishiElectric.com/news/

Source: Mitsubishi Electric Corporation

FAQ

What is Mitsubishi Electric's recent investment related to MIELY?

Mitsubishi Electric has invested in FTV LABS Pte. Ltd. to enhance operational efficiency in field service management.

How does KEGMIL contribute to last-mile digitization for Mitsubishi Electric?

KEGMIL helps digitize and automate workflows, addressing the manual record-keeping that dominates field operations.

What industries will benefit from Mitsubishi Electric's investment in KEGMIL?

The investment aims to improve efficiencies in manufacturing, construction, and logistics.

Where is FTV LABS based and what software do they provide?

FTV LABS is based in Singapore and provides the field service management software KEGMIL.

What are the expected outcomes of Mitsubishi Electric's collaboration with FTV LABS?

The collaboration aims to enhance operational efficiency and knowledge retention for deskless professionals in Southeast Asia.