Geomiq raises £7m to digitize manufacturing supply chains

Geomiq, a UK startup that matches manufacturers with suppliers through its digital platform, has raised $8.5m (£7m) in an exclusively shared Series A funding round. RATN.

Disruption to the global supply chain, largely caused by the Covid-19 pandemic, is causing backlogs across various sectors but has been particularly painful for the manufacturing industry.

The pandemic has also forced companies to embrace digital transformation in supply chains, which is the opportunity London-based Geomiq saw.

“Pandemic companies have moved to a digital procurement strategy rather than an online strategy,” said Geomiq CEO and co-founder Sam Al Mukhtar RATN.

The startup’s digital platform aims to streamline the process to ensure the supply of materials to manufacturers. Geomiq connects suppliers with manufacturers, using machine learning to match the right supplier with the right manufacturer.

Geomiq – which serves clients in the electric vehicle, aerospace, automotive, robotics and medical industries – takes a percentage of every transaction made through its digital platform.

Founded in 2017, Geomiq says more than 1,200 professional engineers and procurement staff use its platform to find machine parts.

Manufacturing as a service

Mukhtar said it was a very exciting time to “send parts into space and we look forward to reaching new heights in the coming years”.

AXA Ventures led the Series A round with participation from TechNexus Venture Collaborative and existing investors Samaipata and Fuel Ventures.

“We are delighted to announce our new partnership with Geomiq, a B2B manufacturing platform that is disrupting this traditional manufacturing industry by streamlining their processes,” said François Robinet, managing partner at AXA Venture Partners.

“Their digital offering is a game changer, bringing together all the key players in the value chain under one roof, from quote to delivery. Their approach to manufacturing as a service (MaaS) plays a critical role in the future of the industry.”

The new funds will go towards further developing the company’s software, as well as supporting a significant boost in engagement as the team looks to take on more clients outside the UK.

Geomiq has already hired 10 additional staff from their new round of funding and is expected to further increase the team by 20-30 people.

In 2021, Geomiq raised £2.9m in a seed funding round from “Samaipata, Sova VC, Fuel Ventures, Tekton Ventures, and Eka Ventures.”

Geomiq raises £7m to digitize manufacturing supply chains

Source link Geomiq raises £7m to digitize manufacturing supply chains

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