Thursday, May 19, 2022
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UAE-based tech firm Immensa raises $7 mn in funding to expand into Saudi Arabia

Immensa funding-IFM-image
The funding round was led by Energy Capital Group (ECG) and Al Turki Ventures

UAE-based tech firm Immensa has raised around $7 million in its Series A funding round, media reports said. The firm will use the funds to expand into the Kingdom of Saudi Arabia. The funding round was led by Energy Capital Group (ECG), and Al Turki Ventures.

Other investors such as Shorooq Partners, Venture Souq, and Green Coast Investments also participated in the funding round for Immensa.

The startup provides a digital inventory solution for the energy and utility sector by leveraging machine learning, data digitisation, and industrial 3D printing.

Earlier this year, Immensa inaugurated its third and largest facility in the region, which is based in Dammam, Saudi Arabia, and is on track to significantly grow its footprint and capabilities in the Kingdom over the next 12 months.

Fahmi Al Shawwa, Founder and CEO of Immensa told the media, “We are thrilled to have secured series A funding and plan to use the investment to realize our ambitious growth strategy. Digitising supply chains and adopting advanced and digital manufacturing is a key pillar for the realisation of the Fourth Industrial Revolution. Additive manufacturing is crucial to industrial growth, helping to boost productivity, increase efficiency, enhance product quality, and improve business continuity.

“Over $65 billion of spare parts in the energy and utility sectors will be sourced annually via digital supply chain by 2030. That is an opportunity we are grasping early on, and investors are seeing the value of partnering with a leader in this underserved market. Immensa will grow its business while also helping to create a new range of industries and forge new career paths for Saudi nationals.”

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