Tripadvisor for IT, Qviro picks up €1 million to digitise procurement process

Belgium-based online robotics marketplace Qviro has raised €1 million in funding. The round was backed by LRM, Industrya and imec.istart.

Founded by Sven De Donder and Jorg Hendrikx, the startup digitises the procurement process of industrial technology such as robots and machines. Going forward, the new cash will be used to unveil online marketplace for Industry 4.0. 

Co-founder Jorg Hendrikx said: “User reviews are used a lot already on webshops and consumer review platforms like Tripadvisor. But what makes Qviro so unique is that we use reviews in a professional context. We collect reviews for purchasing and selling industrial automation technology. Those reviews make it possible to make a good choice for a buyer and are also a source of market insights. Then, we sell those data and insights to large industrial companies.”

Tom Vanham, general manager at LRM added: “As an investment company, LRM has been actively looking for companies that capitalise on Industry 4.0 for years. Qviro’s intelligent business model pushes all existing boundaries and responds perfectly to the trend of user reviews where buyers fall back on online user experiences.”