London-based startup Geomiq raises $8.5m to digitize manufacturing and deliver industry leading service levels

London-based startup Geomiq announced it has raised $8.5 million funding to digitize global manufacturing and deliver industry leading service levels for Engineers and Procurement teams. With this funding Geomiq is expanding in to Europe, accelerating its product plans, and growing the team.

The round, led by top investors AXA Venture Partners (AVP) alongside TechNexus Venture Collaborative and existing investors Samaipata and Fuel Ventures, will enable Geomiq to expand its product, build new global Quality Hubs along with the addition of 60 new team members resulting in a 175% increase in headcount.

Global manufacturing remains far behind in terms of digitisation, and Geomiq is on a mission to solve that. Customers will now be able 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.

François Robinet, Managing Partner,  AXA Venture Partners: “Geomiq's 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."

Geomiq's product has gone from strength-to-strength, delivering industry leading service levels for Engineers and Procurement teams, by using technology to offer a reliable choice of manufacturing methods, speed and low pricing from the world’s top performing suppliers.

Over the last few years the Geomiq team have supported leading companies including Brompton Bicycles and many more. Geomiq is 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 is are looking forward to hitting new heights in the years to come.

Geomiq has big plans for product, reducing lead times by launching international quality hubs, Machine Learning based matching and pricing algorithms, more transparency that ever, BOM handling, Automating DFM and improving the ability to re-order from inventories.

Sam Al-Mukhtar, CEO and Co-founder,Geomiq: "The manufacturing industry remains far behind in terms of digitisation and service levels, and we are on a mission to solve that.”

www.geomiq.com