Boosting process management in the manufacturing industry, Cologne-based Industry 4.0 startup ONIQ has raised €3.5 million in funding to roll out process analysis software IQ/A. The round was backed by venture capital funds TechVision Fonds and coparion.
Founded in 2020 by Yvonne Therese Mertens and Christoph Kosmehl, the startup enables more cost-efficient processes and an improved carbon footprint of manufactured products. Its software-as-a-service solution analyses production and logistics processes and uncovers hidden inefficiencies. Carbon emissions of product manufacturing in particular are one of the main focal points of the software. Many industrial companies are currently struggling with creating transparency about the carbon footprint of their goods.
Yvonne Therese Mertens, co-founder and CEO, said: "Our software IQ/A particularly focuses on the most valuable processes within the enterprise, where even small inefficiencies can quickly cost millions. There is enormous potential here our software can leverage. It is the perfect time to introduce our process analysis software as the industry is under enormous pressure due to the multitude of crises and the need to reduce both costs and carbon emissions. IQ/A can truly help accomplish both goals."
Dr. Ansgar Schleicher, managing director of TechVision Fonds said: "Cost-optimised and resource-efficient production is critical to success for industrial companies. Companies need digital technologies that create transparency and enable them to take effective action. Traditional methods are not able to provide the necessary process knowledge or involve a high manual effort for data integration and analysis."