ePlane, a Cypriot startup that created an online marketplace for aircraft parts, has raised a $9 million Series A led by the Japanese corporation, Marubeni.
Essentially, the ePlane platform digitises the procurement process for aviation companies, allowing users to buy or sell, loan or exchange airplane parts. The aptly-named Autopilot is an algorithmic matching feature, using AI to suggest fitting buyers or automatically send quote requests to sellers. In addition, the platform offers centralised business intelligence and reporting tools.
In a press release, ePlane said the global aviation Maintenance, Repair, and Overhaul (MRO) market sits at around $80 billion today, with projected growth to $116 billion by 2029. Therefore, the business argues, it is essential the industry undergo digital transformation.
Founded in Cyprus in 2016, the startup launched into its current form in 2018, now serving about 4,000 companies in the aerospace industry.