Founded in 2021, Protex AI develops proactive safety and operations AI technology for warehouses and other industrial sites. Their computer vision solution redefines industrial facility operations, providing businesses with unprecedented visibility into safety and operational behaviors across their sites. In 2022, Protex AI onboarded to J.P. Morgan Workplace Solutions’ cap table management platform, coinciding with their Series A funding and the launch of their Employee Stock Option Plan (ESOP).
For the founders, as first-time cap table managers, initially everything was handled on spreadsheets. From very early on however they recognized the need for a more robust solution and transitioned to Workplace Solutions in anticipation of future funding rounds.
Funding rounds and employee equity
Protex leverages AI to promote safety and enhance operational efficiency by anticipating future events, so their being proactive when it came to cap table decision making should come as no surprise. Moving away from spreadsheets and onto Workplace Solutions was crucial in conversations with investors.
The cap table functionality helped the company to showcase their data management capabilities and maturity. Having the information to hand for these important conversations, and knowing that it was correct and could be trusted, helped impress on investors that they were quite advanced, even at the early stage post Series A.
The platform also facilitated the ESOP launch, providing reliable data integrity and a resource for employees to access plan details. This is particularly beneficial for Protex AI’s decentralized workforce, with employees in Ireland, the US, UK, and globally.
“This would not have made sense if we’d stuck with a manual solution,” said Zoe Berry, a spokesperson from Protex AI. “Having a resource that we can direct employees to is extremely useful when it comes to key events like vesting, giving them their own view of their information.”
Customer service and support
Start-ups often face resource constraint. Managing a cap table, raising funding and everything else that comes with it can be very time consuming.
“Start-ups need hands-on help initially, and Workplace Solutions provided that crucial support. The customer success team felt like an extension of our team. Having access to that level of support was hugely beneficial,” Zoe Berry said.
“When you’re in a start-up everything is new and you’ve no guarantee that you’ve got the experience inhouse. Everyone is learning. To know you have a trusted, reliable resource you can reach out to, and who’s quick to respond, that is big. You rely on them less over time, but at the beginning having that support there is key.”
What next?
“Working in a SaaS company you’re on the other end so you can appreciate the level of work and support that’s being done for you as a client because you’re used to addressing those for your own clients,” Zoe Berry said of the developments Protex AI have seen since onboarding.
Protex AI are confident their established position on the Workplace Solutions platform would effectively support any future capital events.
“A solid, stable base is essential,” Zoe Berry said. “Trust in the cap table’s accuracy and getting that support early on can make a significant difference.”
If you’d like to learn more about our cap table platform and discover how J.P. Morgan Workplace Solutions could assist your company no matter what stage you’re at, please reach out.
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