Geomiq, the UK-based digital manufacturing platform, has raised $8.5 million in a Series A funding round from investors including Axa Ventures and Technexus Venture Collaborative. The startup aims to connect manufacturers with suppliers through its digital platform. Founded in 2017 by Sam Al-Mukhtar and William Hoyer Millar, Geomiq helps engineers and procurement teams ensure the resilience of manufacturers' parts supply chains. Its MaaS platform matches clients' needs with partners who have the capacity to begin manufacturing parts immediately. The funding will enable Geomiq to expand its software and operations beyond the UK.
Axa Ventures is the venture capital arm of Axa SA, a French multinational insurance firm. Technexus Venture Collaborative is a US-based venture incubator that supports early-stage technology ventures. The investment will help Geomiq grow its presence in the digital manufacturing sector and expand its customer base.
The COVID-19 pandemic has put supply chain resilience in the spotlight, with companies looking for ways to mitigate risks and ensure continuity. Geomiq's platform offers a way for manufacturers to diversify their supply chains and connect with suppliers who can offer flexibility and agility in responding to changing market demands.
Geomiq's co-founder, Sam Al-Mukhtar, said the funding will help the company "scale up our operations and develop our software, enabling us to expand our offering to manufacturers and suppliers globally." The company plans to use the funds to improve its technology and expand its reach in the digital manufacturing sector.
Geomiq's ability to help manufacturers navigate supply chain disruptions and connect with suppliers who can respond to changing market demands makes it an attractive investment opportunity. The funding will enable the company to continue to grow its market share and expand its operations globally, positioning it as a key player in the digital manufacturing sector.