Geomiq: B2B manufacturing platform raises €3.3mn
In an announcement made by - a startup B2B manufacturing platform - the company details the results of its seed round. Raised from a consortium of investors, including Samaipata, Sova VC, Fuel Ventures, Tekton Ventures, and Eka Ventures, Geomiq has raised €3.3mn.
Who is Geomiq?
By streamlining the entire manufacturing process, Geomiq provides its users with improved transparency in the contract manufacturing industry. To date Geomiq has delivered more than one million parts throughout Europe and the US for those in the medical, robotics, automotive and aerospace industries.
“There has never been a better time than now for digital transformation of manufacturing. COVID-19 and the rapid rise of Industry 4.0 have pushed manufacturing companies over the technological tipping point, transforming the industry forever, and Brexit is accelerating the shift to ‘Glocalisation’ as businesses focus on balancing localised and globalised supply chains to stay competitive. This is a once in a generation opportunity for reshoring a digitally enabled UK Manufacturing Industry, and platforms such as Geomiq and our Manufacturing Partners plan to lead the way,”said Will Hoyer Millar, Co-founder and CCO at Geomiq.
This latest funding round of €3.3mn will be used by Geomiq to boost its UK manufacturing base, enhance its core product development teams, and expand its marketing capabilities.
“During a global pandemic, we have proven that online manufacturing as a service (MaaS) plays a critical role in the industry’s future. Primarily driven by supply quality and more demand than ever for a digital and agile solution, we have an ambitious product roadmap, and are set to supercharge our custom technology with the great support of our recent investors, who share our vision for becoming the UK leader in online manufacturing – watch this space!” added Sam Al-Mukhtar, Co-founder and CEO at Geomiq.
Fluent.ai x BSH: Voice Automating the Assembly Line
Fluent.ai has deployed its voice recognition solutions in one of BSH’s German factories. BSH leads the market in producing connected appliances—its brands include Bosch, Siemens, Gaggenau, NEFF, and Thermador, and with this new partnership, the company intends to cut transition time in its assembly lines.
According to BSH, voice automation will yield 75-100% efficiency gains—but it’s the collaboration between the two companies that stands out. ‘After considering 11 companies for this partnership, we chose Fluent.ai because of their key competitive differentiators’, explained Ion Hauer, Venture Partner at BSH Startup Kitchen.
What Sets Fluent.ai Apart?
After seven years of research, the company developed a wide range of artificial intelligence (AI) software products to help original equipment manufacturers (OEM) expand their services. Three key aspects stood out to BSH, which operates across the world and in unique factory environments.
- Robust noise controls. The system can operate even in loud conditions.
- Low latency. The AI understands commands quickly and accurately.
- Multilingual support. BSH can expand the automation to any of its 50+ country operations.
How Voice Automation Works
Instead of pressing buttons, BSH factory workers will now be able to speak into a headset fitted with Fluent.ai’s voice recognition technology. After uttering a WakeWord, workers can use a command to start assembly line movement. As the technology is hands-free, workers benefit from less physical strain, which will both reduce employee fatigue and boost line production.
‘Implementing Fluent’s technology has already improved efficiencies within our factory, with initial implementation of the solution cutting down the transition time from four seconds to one and a half”, said Markus Maier, Project Lead at the BSH factory. ‘In the long run, the production time savings will be invaluable’.
Future Global Adoption
In the coming years, BSH and Fluent.ai will continue to push for artificial intelligence on factory lines, pursuing efficiency, ergonomics, and a healthy work environment. ‘We started with Fluent.ai on one factory assembly line, moved to three, and [are now] considering rolling the technology out worldwide’, said Maier.
Said Probal Lala, Fluent.ai’s CEO: ‘We are thrilled to be working with BSH, a company at the forefront of innovation. Seeing your solution out in the real world is incredibly rewarding, and we look forward to continuing and growing our collaboration’.