Saudi additive manufacturer gets $7 million boost for global expansion
Saudi-based additive manufacturer, Immensa, has closed a series A round worth $7 million to expand the firm’s capabilities in the Kingdom with a view to using it as a launchpad to target international markets.
This investment is the first in the Middle East region into additive manufacturing and related solutions and services and a breakthrough for the Saudi market, as the Kingdom is aiming to become a global leader in smart manufacturing and advanced technologies. The sector’s size is projected to reach around $52 billion by 2026 from $15 billion in 2020.
Additive manufacturing is expected to add a minimum of $4.95 billion to the KSA economy within three years. Immensa is also tapping into the Saudi workforce, with over 70% of the company’s engineers being young Saudi nationals. Its workforce is expected to quadruple in size over the coming 18 months.
In 2021 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.
The investment was structured by Gate Capital, was led by Energy Capital Group, Al Turki Ventures, and other prominent investors including Shorooq Partners, Venture Souq, and Green Coast Investments.
Immensa is the first global company to provide a turnkey digital inventory solution for the energy and utilities sector by leveraging machine learning, data digitization, and industrial 3D printing. It is aiming to capitalize on Saudi Arabia’s efforts to enhance the competitiveness of its industrial sector as part of its economic diversification strategy.
Fahmi Al Shawwa, Founder and CEO of Immensa, said: “Over $65 billion of spare parts in the energy and utilities 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.”
Over the past year, more than $5 billion in funding went into additive manufacturing and digitizing solutions globally. The adoption of additive manufacturing has grown annually by 20 percent during the past decade and is forecasted by experts to increase even further. Historically, the region has lagged behind in the adoption of additive manufacturing solutions, however that started changing in 2020, and today the growth of additive manufacturing in the GCC is exceeding 300 percent per year.
Immensa, which was founded in 2016 and has operations in KSA and UAE while serving clients across the GCC and internationally, has built a name for itself on an international level. Immensa’s team includes over 47 specialized engineers and experts in the energy tech and infra-tech sectors.