Immensa Secures $20 Million in Series B Funding for Digital Warehouse
November 29, 2023
Immensa, a leading additive manufacturing company in the MENA region, has recently raised $20 million in Series B funding. This funding is a significant milestone considering the global energy spare parts market, which is currently valued at over $90 billion.
The Middle East’s energy sector represents approximately 35% of this market, but it has been slower in adopting additive manufacturing and 3D printing technologies compared to other industries such as medical, aviation, automotive, and jewelry. However, Immensa, founded by Fahmi Al Shawwa in 2016, recognized the potential in the energy sector and in 2018, made it their target market with the aim of transforming supply chain operations.
The conventional process of sourcing spare parts in the energy sector is complex and environmentally burdensome, often involving multiple geographical locations and a significant carbon footprint. Immensa’s approach revolutionizes this process by enabling on-demand production of parts, resulting in reduced lead times, costs, and environmental impact. For instance, a factory in London that requires a replacement part traditionally goes through a lengthy process involving multiple countries. However, with Immensa’s digital inventory platform, the part can be easily ordered online and produced at a nearby 3D printing facility, substantially simplifying the logistics.
Immensa has already assessed over a million parts and manufactured more than 15,000 components, serving clients across the Middle East and North Africa. The company plans to expand its operations to North America as well. Notably, Immensa has established partnerships with major oil and gas conglomerates such as Aramco, Adnoc, and Schlumberger. Interestingly, the company also collaborates with original equipment manufacturers (OEMs), producing parts under license and paying royalties.
The $20 million investment, led by MENA-focused venture capital firm Global Ventures, will support Immensa in its goal of constructing the largest digital warehouse in the energy sector. This funding will further enhance Immensa’s DIS RT platform and strengthen its AI tools, positioning the company for future expansion.
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