Led by US-based investor, Insight Partners, the SaaS platform has raised a $10 million investment round to fuel its expansion
Manufacturing companies worldwide are under pressure. Once stable supply chains are now threatened by turbulent geopolitical developments, labor shortages, higher interest rates, and rising costs.
Large industrial manufacturers lose up to €120 million per factory every year due to unplanned downtime costs. To prevent this, factories tie up a large share of cash flow by accumulating massive spare parts inventories. Yet, 72 percent still fear critical shortages.
However, SPARETECH, the leading data platform for industrial spare parts, has a solution that promises to answer the supply chain crisis. By automating spare parts management processes, the platform reduces manufacturers’ downtime, as well as costs and carbon emissions.
After 300 percent APR growth in 2022, SPARETECH has secured $10 million funding to fuel international expansion. Insight Partners has joined existing investors, supporting the company to achieve its mission: a software-powered, zero-waste industrial sharing economy.
Teddie Wardi, Managing Director at Insight Partners, shared: “We are deeply impressed by SPARETECH’s cost-efficiency and strong revenue growth in the past year. When talking to customers, they cite a clear return on investment after implementing SPARETECH, and six of its top ten customers upsell within a few months.”
The platform is gradually transforming industrial spare parts data into an efficient, reliable, and collaborative experience. Its unique and intelligent matching algorithms are designed to spot data inconsistencies, duplicates, and obsolete materials.
Since its inception, it has successfully reduced spare parts inventories by an average of 21 percent. Specifically, Bosch has achieved a 50 percent efficiency gain by automating all its spare parts with SPARETECH’s technology.
Martin Weber said: “Spare parts management is one of the most overlooked drivers of competitiveness and sustainability efforts in manufacturing. Our vision is to create a zero-waste industrial sharing economy.
“Germany is known for its manufacturing prowess, but the challenges it faces are global. We are ready to roll out our solution across the United States and beyond, and our choice of investors reflects that,” he added.
Christian Miele, General Partner at Headline, one of SPARETECH’s existing investors, commented: “SPARETECH’s growing network of customers and partners spells out clearly the tangible value they provide. The team is building the missing piece of infrastructure in the tool stack of any manufacturer.”