RIYADH, Saudi Arabia, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Immensa has closed a series A round worth $7 million, marking the first investment made in the Middle East region into additive manufacturing (AM) and related solutions. The funding will be used to expand the firm's capabilities in Saudi Arabia with a view to using it as a launchpad to target international markets.
The investment marks a breakthrough for the Saudi market, as the Kingdom is aiming to become a global leader in smart manufacturing and advanced technologies, building on the international momentum of the sector since the beginning of the COVID-19 crisis. The sector's size is projected to reach around $52 billion by 2026, growing from $15 billion in 2020.
The round, which was structured by Gate Capital, was led by Energy Capital Group (ECG), Al Turki Ventures, and other prominent investors including Shorooq Partners, Venture Souq, and Green Coast Investments.
Immensa is the first global company to provide a turnkey digital inventory solution for the energy and utilities sector by leveraging machine learning, data digitization, and industrial 3D printing. It is aiming to capitalize on Saudi Arabia's efforts to enhance the competitiveness of its industrial sector as part of its economic diversification strategy.
Additive manufacturing is expected to add a minimum of $4.95 billion to the KSA economy within three years. Immensa is also tapping into the Saudi workforce, with over 70% of the company's engineers being young Saudi nationals. Its workforce is expected to quadruple in size over the coming 18 months.
Fahmi Al Shawwa, Founder and CEO of Immensa, said: "We are thrilled to have secured series A funding and plan to use the investment to realize our ambitious growth strategy. Digitizing supply chains and adopting advanced and digital manufacturing is a key pillar for the realization of the Fourth Industrial Revolution. Additive manufacturing is crucial to industrial growth, helping to boost productivity, increase efficiency, enhance product quality, and improve business continuity.
"Over $65 billion of spare parts in the energy and utilities sectors will be sourced annually via digital supply chain by 2030. That is an opportunity we are grasping early on, and investors are seeing the value of partnering with a leader in this underserved market. Immensa will grow its business while also helping to create a new range of industries and forge new career paths for Saudi nationals."
Over the past year, more than $5 billion in funding went into additive manufacturing and digitizing solutions globally. The adoption of AM has grown annually by 20% during the past decade and is forecasted by experts to increase even further. Historically, the region has lagged behind in the adoption of AM solutions, however that all started changing in 2020, and today the growth of AM in the GCC is exceeding 300% per year.
Ali Alturki, Managing Partner of ECG, said: "Investors today are looking for opportunities that center around innovation and sustainability and are aligned with industrial, technological and economic trends. When we were presented with Immensa, we realized the untapped potential of digitizing supply chains and the value that digital inventories will garner for organizations, particularly in line with Saudi's Vision 2030 and Aramco's IKTVA program. The digital solution that Immensa's team has developed is unique and will help it to tap into an unexploited market opportunity, valued at $165 billion."
Omar Abuhabaya, Co-Founder of Immensa and GM of Immensa KSA, said: "Immensa's digital manufacturing solution is aligned with the Kingdom 2030 Vision while unlocking the full potential of local content and fourth industrial revolution. We believe that additive manufacturing adaptation largely contributes to drive industrial development and have a vital role in building the ecosystem ranging from feedstock, engineering optimization, all the way to production including parts testing and validation."
About Immensa:
Immensa founded in 2016, is a solution provider that leverages additive manufacturing ("AM") to take physical spare parts and dematerialize them into the digital, on-demand world. Immensa's Digital Inventory Service is based on a proprietary platform that provides an end-to-end solution to organizations transitioning from physically storing of spare parts to virtual warehousing. The focal point of the company is its Digital Warehousing Solution enabled via a global Manufacturing-as-a-Service (MaaS) network.
info@immensalabs.com
+971 4 443 1538
Related Images
Image 1: Immensa
Founders Fahmi AlShawwa and Omar Abuhabaya
This content was issued through the press release distribution service at Newswire.com.
Attachment
