Saudi-based additive manufacturing company Immensa has closed a series A round worth $7 million, the company said on Monday.
The funding would be used to expand the firm’s capabilities in the Kingdom with a view to using it as a launchpad to target international markets, Immensa said in a press statement.
Additive manufacturing is expected to add a minimum of $4.95 billion to the Saudi economy within three years, the statement said.
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.
The statement noted that Immensa is the first global company to provide a turnkey digital inventory solution for the energy and utilities sector by leveraging machine learning, data digitisation, and industrial 3D printing.
In 2021, Immensa inaugurated its third and largest facility in the region, which is based in Dammam.The company's workforce, with 70 percent of its engineers being young Saudi nationals, is expected to quadruple in size over the coming 18 months. Immensa also has two production facilities in the UAE.
Fahmi Al Shawwa, Founder and CEO of Immensa, said: “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.”
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 organisations 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.
Munther Hilal, Founder and CEO of Gate Capital, said: “We worked closely with the founders and investors to put together a unique global market maker developed out of our region. We are proud of the outcome and the amount of attention the company has received throughout the process.”
According to the statement, Immensa, which was founded in 2016, serves clients across the GCC and internationally. Its team includes over 47 specialized engineers and experts in the energy tech and infra-tech sectors.
(Writing by SA Kader; Editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021