Immensa, a Dubai, UAE-based additive manufacturing startup, raised $20M in Series B funding.
The round was led by Global Ventures, along with new investors such as Endeavor Catalyst Fund and EDGO and existing investors Energy Capital Group, Shorooq Partners, and Green Coast Investments.
The company intends to use the funds to help expedite its global expansion, further enhance its exclusive software, DIS RT, and augment its AI tools.
Founded in 2016 by CEO Fahmi AlShawwa, Immensa provides large companies in the energy sector with access to spare parts on demand without mass manufacturing in hubs across Southeast Asia, China, or Latin America. It works closely with both OEMs and end users, by digitising warehouses and creating more agile supply chains. The company has also integrated proprietary AI tools into DIS RT to manage extensive data volumes, ensuring real-time information processing, and has developed its own proprietary hardware systems, enhancing its competitive edge in the market.
Immensa will continue to invest in and expand its existing operations in KSA and the UAE and anticipates market entries to at least two regional countries in the next six months, of which one is likely to be Oman. The company is also active and already serves Kuwait, Bahrain, Qatar, and Jordan. An expansion into North America is expected in the next 12–18 months, and projects in Southeast Asia are being evaluated.
FinSMEs
04/12/2023