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OCTAVIC expanded into new industries and increased company turnover by 60% in 2022

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OCTAVIC, provider of digital solutions for factory performance, announces a 50% increase in profit in 2022 and a 60% increase in the company's business, to EUR 265 thousand. OCTAVIC managed to enrich its client portfolio with brands such as Philips, CIE Golde and Solid Food, and also supplemented the international business units in terms of collaboration with Zentiva, Avril Expur and Gedeon Richter.

 

In 2022, the company’s revenues summed up to almost EUR 600 thousand, increasing by 140% y2y. The revenues consist of organic results – generated by accessing new industry verticals – and European financing.

 

"We managed to expand into the wood and food & beverage industry last year, and we consolidated our footprint in the pharma field by deploying into more business units of our customers in Romania and Hungary. We have practically doubled the number of clients, which also indicates a greater openness of the manufacturing industry to the desire to digitize factories and, as a result, increase the business’ sustainability score", Paul Harfas, co-founder of OCTAVIC says.

 

In terms of human resources, the company strengthened the project management and customer success departments last year, but is still looking to recruit specialists, including software developers. Octavic emphasizes workplace specialization and access to international know-how and industry technologies.

 

It is difficult to find candidates with the right profile, because most prefer jobs in large outsourcing companies. Life in a dynamic start-up is more challenging, as the market is also more reactive to socio-economic events. For example, factory managers who fear a potential recession are waiting for PNRR funding to go digital; this leads to some industry stagnation in 2023, thus the pressure on suppliers increases. However, thanks to the experience gained after obtaining the grants, we have also expanded our service offering, in the sense that we can now help potential clients through specialized partners to draw up financing applications", Paul Harfas adds.

In 2022, the company won a new European grant, Better Factory, which helped the business reach EUR 1 million in community funding. It involves a consortium consisting of factory, tech supplier and artist to bring cross-domain improvements in manufacturing. The funding of EUR 200 thousand, out of the total EUR 300 thousand of the project, will be used for the implementation of a 3D Digital Twin system in the metalworking industry, to help the industrial partner of the project to gain operational visibility.

 

In 2023, OCTAVIC aims to increase the number of partnerships with companies that provide consulting for process improvement in the manufacturing industry, both in Western Europe and in the United States. The company's founders are also working on the go-to-market strategy for the Middle East, Western Europe and South America.

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