Immensa, a leader in additive manufacturing in the MENA region, recently raised $20 million in Series B funding. This move is significant in the context of the global energy spare parts market, valued at over $90 billion.
The energy sector, representing about 35% of this market in the Middle East, has been relatively slow in adopting additive manufacturing and 3D printing technologies compared to other industries like medical, aviation, automotive, and jewelry. Immensa, founded in 2016 by Fahmi Al Shawwa, identified the energy sector as its target market in 2018, aiming to transform its supply chain operations.
The conventional process of sourcing spare parts in the energy sector is complex and environmentally burdensome, often involving multiple geographical locations and a substantial carbon footprint. Immensa’s approach revolutionizes this process by enabling on-demand production of parts, significantly reducing lead times, costs, and environmental impact. For example, a factory in London requiring a replacement part would traditionally go through a lengthy process involving multiple countries. With Immensa’s digital inventory platform, the part can be ordered online and produced at a nearby 3D printing facility, substantially reducing the logistical complexities.
Immensa has assessed over a million parts and produced more than 15,000 components, serving clients across the Middle East and North Africa, and plans to expand to North America. The company’s focus on the energy sector has led to partnerships with major oil and gas conglomerates like Aramco, Adnoc, and Schlumberger. Interestingly, Immensa also collaborates with original equipment manufacturers (OEMs), producing parts under license and paying royalties.
The $20 million investment, led by MENA-focused venture capital firm Global Ventures, will aid Immensa in achieving its goal of constructing the largest digital warehouse in the energy sector. This funding will enhance Immensa’s DIS RT platform and fortify its AI tools, positioning the company for further expansion.
Come and let us know your thoughts on our Facebook, X, and LinkedIn pages, and don’t forget to sign up for our weekly additive manufacturing newsletter to get all the latest stories delivered right to your inbox.