The market for industrial and machine components hasn’t really changed in recent years. Whilst other sectors have jumped on the digital bandwagon, procurement processes in this space have remained complex and hard to navigate. With growing pressures on supply chains, industry innovation in procurement is the need of the hour.
Enter Berlin-based startup CNC24 which has geared up to conquer the €50+ billion market for components by digitising precision parts procurement. Founded in 2019 by Willi Ruopp and Marlon Gerat, the German startup has developed an AI-driven B2B2 marketplace platform.
The company leverages a global network of suppliers and guarantees free capacities, high material availability and on-time delivery of components. For quality control, all parts undergo an additional testing process in the in-house measuring centre before they are delivered, the company said.
It has now raised €8.25 million in funding to expand across Europe and further boost its global supplier network. The round was led by Future Industry Ventures alongside coparion, EquityPitcher Ventures and existing investor, Seedcamp.
Willi Ruopp, CEO and co-founder of CNC24 said: “We aim to revolutionise the component sourcing process with a hybrid approach that combines smart AI-driven automation with personalised expert consulting.”
Stefano Gurciullo, partner at Future Industry Ventures, added: “In increasingly volatile markets struck by supply chain risks, CNC24 addresses a major thorn in the side of the manufacturing industry. Sourcing industrial components from the right partner, at the right price and quality is both costly and time intensive, especially for SMEs and deep tech ventures.”
With clients such as SIEMENS, DIEHL Group, Qualcomm, KRONES AG, Carl Zeiss, Vishay, BASF, CERN, FANUC and Syntegon, CNC24 has already generated an offer volume of over €500 million after just three years.