Germany-based SPARETECH, a data platform for industrial spare parts, announced that it has raised €10M in a Series A round of funding.
The round was led by New York-based software investor Insight Partners with participation from Headline and existing investors.
The company says it will use the funds to scale internationally.
Founded in 2018 by former Porsche engineers Martin Weber and Dr. Lukas Biedermann, SPARETECH offers verified spare parts data intelligence and the necessary software to transform these insights into tangible improvements.
Dr. Biedermann, CCO of SPARETECH, says, “We found that factories have 15% duplicates and 17% obsolete parts in their spare parts inventory across their global production network. This results in increased purchasing costs, high inventories, and expensive machine downtimes that harm their competitiveness.”
The company’s intelligent matching algorithms are designed to spot data inconsistencies, duplicates, and obsolete materials in the company’s material master.
Once identified, this data is then enriched, harmonized, and alternative supply options are highlighted, making it easier to make informed decisions.
The company’s platform enables maintenance teams to manage spare parts inventory efficiently and procurement departments to gain visibility into suppliers.
The German company claims to have helped over 120 global manufacturing companies, including Bosch, Nestlé, Porsche, Yanfeng, and Airbus Helicopters.
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