Immensa, a MENA-based additive manufacturing and digital inventory platform, has recently secured $20 million in Series B financing to transform the way spare parts are supplied in the energy sector. The funding round was led by MENA-focused venture capital firm Global Ventures, with participation from new investors like Endeavor Catalyst Fund and EDGO, as well as continued support from existing backers including Energy Capital Group, Shorooq Partners, and Green Coast Investments.
Key Takeaway
Immensa, a MENA-based additive manufacturing and digital inventory platform, has secured $20 million in Series B financing to revolutionize the spare parts supply chain in the energy sector. By digitizing the supply chain and leveraging additive manufacturing and 3D printing, Immensa aims to eliminate unnecessary losses, reduce costs, and minimize the carbon footprint in the energy industry. The company plans to expand globally, constructing the largest digital warehouse in the energy sector and strengthening its AI tools and operations in the Middle East, North America, and potentially Southeast Asia.
Streamlining Spare Parts Supply Chain
The energy sector, which represents about 35% of the global energy spare parts market valued at over $90 billion, has been largely untapped by additive manufacturing and digital inventory platforms. Immensa aims to change that by harnessing the power of additive manufacturing and 3D printing to address the supply chain challenges faced by industries such as oil and gas, petrochemicals, power generation, and utilities.
Traditionally, when a spare part is needed, companies have to go through a lengthy process of procurement, often relying on imports from manufacturers located in different regions. This process not only incurs high costs but also contributes to a significant carbon footprint. Immensa’s approach is to digitize the supply chain by allowing clients to order spare parts online and have them produced on demand at the nearest qualified 3D printing facility. This significantly reduces lead times, eliminates shipping hassles, and cuts down on unnecessary losses estimated at $30 billion annually for energy conglomerates.
Leading the Digital Inventory Revolution
Immensa prides itself on being the largest company focusing on digital inventory for the energy sector. By owning and controlling the entire digital supply chain, the UAE-headquartered startup provides comprehensive solutions spanning assessment, digitization, and production-on-demand. Its proprietary DIS RT platform integrates advanced AI tools for real-time information processing and ensures data security and quality control. With over 100 additive manufacturing specialists and engineers, Immensa has assessed over a million parts and produced more than 15,000 components to date.
Expanding Global Footprint
With the $20 million funding, Immensa plans to extend its reach beyond the Middle East and North Africa region. The company aims to build the largest digital warehouse in the energy sector and bolster its operations in Saudi Arabia and the UAE. It also intends to enter at least two additional regional countries, with Oman being a likely candidate, within the next six months. Furthermore, Immensa has its sights set on expansion into North America within the next 12-18 months, while exploring potential projects in Southeast Asia.
