UAE’s Additive Manufacturing Startup Immensa Closes $20 Million Round
The Series B Investment Round included participation from investors Energy Capital Group and Shorooq Partners amongst others.
Immensa, the largest additive manufacturing startup in the Middle East and North Africa (MENA), has secured $20 million in a funding round led by Global Ventures, the leading venture capital firm in the region.
The funding round also attracted participation from new investors, including Endeavor Catalyst Fund and EDGO, as well as existing investors Energy Capital Group (ECG), Shorooq Partners, and Green Coast Investments. This round marks Immensa's first fundraising effort since its $7 million Series A round in 2021.
The fresh capital infusion will accelerate Immensa's global expansion plans. Immensa aims to build the largest digital warehouse in the energy sector using its proprietary technologies. The funding will be channeled towards further investment in DIS RT, its exclusive software technology platform, and the augmentation of its artificial intelligence (AI) tools.
"We will also expand geographically, strengthening our presence in Saudi Arabia, the UAE, and Oman, while venturing into North America within the next 18 months," Fahmi AlShawwa, Founder and CEO of Immensa, told StartupScene. "We reduce the vast unnecessary costs and long lead times of legacy supply chains and look forward to working closely with our energy sector clients to take this to new levels."
Immensa specialises in the global energy spare parts market, a sector that has been largely untapped by existing additive manufacturing players. This market is valued at $91 billion, with the Middle East accounting for 35% of its size.
Since its last funding round in 2021, the company has attracted top-tier C-suite executives from the industry and inaugurated its second state-of-the-art Advanced Manufacturing Centre in Saudi Arabia. Notable clients are already utilizing Immensa's end-to-end digital inventory solution, and the company aims to digitize one million energy spare parts by 2027.
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Jan 31, 2024