With global supply chains in chaos, Geomiq lands $8.5 million Series A round to secure manufacturing’s ‘digital future’
Manufacturing as a Service platform helps engineers and procurement teams ensure supply chain resiliency in a period of unprecedented change
London, UK. 22nd July 2022: Geomiq, the UK’s leading Manufacturing as a Service (MaaS) platform, has announced an $8.5 million Series A funding round to open up access to world-leading supply chains for manufacturers of all sizes.
The round, led by AXA Venture Partners alongside TechNexus Venture Collaborative and existing investors Samaipata and Fuel Ventures, will enable Geomiq to expand its platform, build new flagship Quality Hubs in China and mainland Europe along with the addition of 60 new team members resulting in a 175% increase in headcount.
Major macroeconomic events such as Brexit, the Covid-19 pandemic and war in the 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 organisations in times of disruption.
Customers begin by uploading CAD files or 2D engineering drawings. Geomiq’s machine learning algorithms matches 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 digitisation, 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.”
Sam previously worked as 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, localised 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 who 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 on 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 in the forefront of the digital revolution within the manufacturing sector. “
“In an environment of tremendous supply chain uncertainty, Geomiqʼs competitive and reliable bidding process makes the marketplace a trusted source for alternative parts needed fast,” said Fred Hoch, Co-Founder and General Partner of TechNexus Venture Collaborative. “We are pleased to partner with the Geomiq team, and are confident that their digital offering will help quicken the pace of our Corporate Partners’ R&D cycles and introduce an added layer of supply chain resilience.”
Founded in 2018, Geomiq has a team of 34 people based in East London.
Geomiq was founded in London in 2017, with the goal of transforming and streamlining the manufacturing industry. Since then, we’re proud to have become the digital manufacturing platform of choice for over 1200+ professional engineers and procurement teams from over 500 fast-moving hardware companies, and to have partnered with over 220 exceptional suppliers in over 16 countries. Despite this rapid growth, our mission has always remained the same. We keep innovation, constant learning and exceptional customer support at the heart of what we do. We are building a world where affordable yet world-class innovation is available to all from a single access point.
About AXA Venture Partners
AXA Venture Partners (AVP) is a global venture capital firm with over $1.5B of assets under management. AVP invests across stages in rapidly growing tech companies in enterprise, fintech, consumer and digital health sectors. With offices in New York, San Francisco, London, Paris and Singapore, AVP helps companies scale internationally. AVP also offers portfolio companies unique business development opportunities to further accelerate their growth.
About TechNexus Venture Collaborative
TechNexus Venture Collaborative (TechNexus) helps leading corporations and ambitious entrepreneurs work together to create new business models, revenue streams, products, and scalable market access. A first-of-its-kind Venture Collaborative, TechNexus combines capital investment, incubation, and collaboration to provide an untapped advantage. Since 2007, TechNexus has accelerated business opportunities between dozens of corporations and more than 600 startups and is among the most active venture investors in the US. For more information, please visit technexus.com.
Simon Moss, Director, Element Communications
Tel: +44 7544 960 304