London-based MaaS startup Geomiq raises $8.5M to transform and streamline the manufacturing industry
While some startups are struggling to raise new funds amid the global economic downturn, London-based B2B manufacturing platform Geomiq announced today it has raised $8.5 million in Series A funding to open up access to world-leading supply chains for manufacturers of all sizes and also secure manufacturing’s ‘digital future.’ The funding also comes amid crisis and chaos in the global supply chain.
The round, which was led by AXA Venture Partners alongside Samaipata, Fuel Ventures, and TechNexus, will enable Geomiq to expand its platform, and build new flagship Quality Hubs in China and mainland Europe along with the addition of 60 new team members resulting in 175% increase in headcount.
Founded in 2017 by CEO Sam Al-Mukhtar and William Hoyer Millar, Geomiq helps engineers and procurement teams ensure supply chain resiliency in a period of unprecedented change. Through its intelligent Manufacturing as a Service platform (MaaS) platform, Geomiq provides Instant quotes and Instant ordering of custom manufactured parts through trusted manufacturing partners. Geomiq currently has a team of 34 people based in East London.
Since its inception five years ago, Geomiq has become the go-to digital manufacturing platform for over 1200 professional engineers and procurement teams from over 500 fast-moving hardware companies. The startup also ave partnered with over 220 exceptional suppliers in over 16 countries.
Major macroeconomic events such as Brexit, the Covid-19 pandemic, and the war in Ukraine have demonstrated the importance of supply chain resilience. As the manufacturing sector expands and undergoes a digital transformation Geomiq is at the forefront, enabling engineers and procurement teams to access flexible supply chains through its digital platform. Geomiq allows businesses to shorten development cycles and get products to market faster, with quality manufacturing at lower cost, removing the ‘single point of failure’ that has hampered so many organizations in times of disruption.
Customers begin by uploading CAD files or 2D engineering drawings. Geomiq’s machine learning algorithms match each job to vetted partners that have immediate capacity. Proprietary software and on-site teams ensure competitive pricing, rapid on-time delivery, and transparent updates on project status throughout the manufacturing process.
“We are grateful for the incredible support from our investors,” CEO and Co-Founder Sam Al-Mukhtar said. “With so many global events affecting supply chains in recent years, we have reached a tipping point. The manufacturing industry remains far behind in terms of digitization, and we are on a mission to solve that.”
Geomiq already boasts an enviable client base including electric vehicle manufacturer Arrival, Brompton Bicycle and Transport for London. Its MaaS platform combines innovative technology and a Machine Learning-powered matching system to connect buyers and sellers of custom manufactured parts with unprecedented efficiency.
Sam continued: “We are particularly proud to be supporting the UK’s aerospace, automotive, robotic and medical sectors, all of which are at an exciting inflection point. To send parts into space was a particularly exciting moment and we are looking forward to hitting new heights in the years to come.”
Before founding Geomiq, Sam previously worked as a lead design engineer at Ideaworks, where he saw first-hand the difficulty manufacturers faced in getting quotes for – and ordering – custom parts with confidence. Alongside Co-Founder Will Hoyer Millar, he has built a company that has so far helped connect over 3,000 unique buyers and 300 unique sellers of all sizes, manufacturing over two million parts.
At its core, Geomiq helps solve inefficient, highly fragmented manufacturing systems, helping clients to build robust, localized, and compliant supply chains. As the sector comes under increasing pressure to address ESG issues, gaining greater transparency will help limit environmental harm by addressing issues throughout the manufacturing chain.
“We are very pleased to announce our new partnership with Geomiq, a B2B manufacturing platform that is disrupting this historically traditional industry by streamlining their processes,” said François Robinet, Managing Partner at AXA Venture Partners. “Their digital offer is a game changer, as they gather all key players in the value chain under one roof, from quote to delivery. Their approach to Manufacturing as a Service (MaaS) plays a critical role in the industry’s future. By sharing the same vision with Sam and Will, we are very confident at AVP we will be at the forefront of the digital revolution within the manufacturing sector. “