Sparetech, a Stuttgart, Germany-based provider of a data platform for industrial spare parts, raised $10M in Series A funding.
The round was led by Insight Partners with participation from Headline and angel investors such as Christian Gaiser, Carsten Thoma, Christian Reber and Frederik Pfisterer.
The company intends to use the funds to scale internationally.
Founded in 2018 by Martin Weber and Dr. Lukas Biedermann, Sparetech provides a data intelligence platform that automates spare parts management processes, reducing manufacturers’ downtimes, costs, and CO2 emissions. The company’s global system of record connects information from original manufacturers with customers’ databases, integrating with its existing software stacks (often from enterprise software providers like SAP). Its intelligent matching algorithms are designed to spot data inconsistencies, duplicates, and obsolete materials in the company’s material master. Once identified, this data is then enriched, harmonized, and alternative supply options are highlighted, making it easier to make informed decisions.
Sparetech has served more than 120 global manufacturing companies, such as Bosch, Nestlé, Porsche, Yanfeng, and Airbus Helicopters.
FinSMEs
16/06/2023