$7M for Immensa in Series A
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GCC-based Tech startup Immensa has successfully raised $7M in its latest funding round. The Series A round, structured by Gate Capital, was led by Energy Capital Group (ECG), Al Turki Ventures, and recorded participation from prominent investors including Shorooq Partners, Venture Souq, and Green Coast Investments. 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.
Founded in 2016, Immensa 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 spare parts to virtual warehousing. In adopting next-generation technologies, Immensa was a first global mover to provide turnkey digital inventory solutions for the energy and utility sector.
Digital innovations in Supply Chain open the opportunity to disrupt and elevate all the operations involved, where Immensa’s solutions have direct and indirect impact on sectors like Transport & Logistics, Enterprise Software, and Energy. This market positioning creates a lucrative sweet spot for the startup, amidst increasing VC interest in next-gen innovations. As observed in our MENA Q3 2021 Venture Investment Report, T&L startups in MENA raised 209% more capital in Q3 2021, than the same time last year. As geographies across the GCC seek to diversify their economies, industries of digitization like IT solutions and FinTech in MENA, observing a 1059%YoY growth and a 169% YoY growth respectively, become critical drivers towards that vision, where Immensa takes a pioneering step.
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Operating in KSA and UAE while serving clients in the GCC and across the global market, Immensa has positioned itself as a global player in the Tech and Digital Inventory solution space. This year, Immensa inaugurated its third and largest facility in the region, based in Dammam, Saudi Arabia, and is on track to significantly grow its footprint and capabilities in the Kingdom over the next 12 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 utility sectors will be sourced annually via the 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.”
With over 47 specialized engineers and experts in the energy tech and infra-tech sectors, the GCC-based startup has set forth to capitalize on its go-to markets’ economic direction and leverage. Additive manufacturing is expected to add a minimum of $4.95 Bn to the KSA economy within three years, which provides a very comfortable position for the startup. Over the past year, more than $5 Bn in funding went into additive manufacturing and digitizing solutions globally. Historically, the region has lagged behind in the adoption of AM solutions, however, that all started changing in 2020, with the growth of AM in the GCC exceeding 300% per year. Ali Alturki, Managing Partner of ECG highlighted “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 Bn.”
The funding will be used to expand the firm’s capabilities in the Kingdom with a view to using it as a launchpad to target international markets. 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. Omar Abuhabaya, Co-Founder of Immensa and GM of Immensa KSA concluded “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 driving industrial development and has a vital role in building the ecosystem ranging from feedstock, engineering optimization, all the way to production including parts testing and validation.
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