London-based startup that matches manufacturers with suppliers through its digital platform, Geomiq has raised $8.5 million in a Series A funding to enhance digital transformation in supply chains.
The Series A round was led by AXA Ventures and saw participation from TechNexus Venture Collaborative and existing investors Samaipata and Fuel Ventures. The startup had earlier raised £2.9 million in a seed round in 2021. The capital infusion will go towards further developing the company’s software as it looks to take on more clients outside of the U.K. The company is also looking at unveiling hubs in China and mainland Europe.
Major macroeconomic events such as Brexit, the Covid-19 pandemic, and war in Ukraine have demonstrated the importance of supply chain resilience. As the manufacturing sector expands and undergoes a digital transformation, the company is taking up the challenge head-on. Founded in 2017, the startup aims to streamline the process of manufacturers securing the supply of parts. Customers can upload computer-aided design (CAD) files to the platform, which uses machine learning to match the job with partners that have the capacity to immediately start manufacturing the parts.
Geomiq CEO and co-founder Sam Al Mukhtar said: “With so many global events affecting supply chains in recent years, we have reached a tipping point. The manufacturing industry remains far behind in terms of digitisation, and we want to solve this.”
According to the company, its platform has connected over 3,000 unique buyers and 300 unique sellers of all sizes, manufacturing over two million parts.
François Robinet, managing partner at AXA Venture Partners added: “The company’s digital offer is a game changer, as they gather all 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 industry’s future.”