Deep Tech startup TVARIT successfully raised €2.8 million funding
Frankfurt, May 24, 2022 - The Frankfurt-based AI startup TVARIT, successfully closed a €2.8 million funding round. Last week TVARIT was awarded at #1 place with the DIGITAL FUTUREcongress Start-Up-Award 2022. Futury Capital had already identified TVARIT in 2019 at an early stage and accompanied its remarkable development. With the entry of the btov Industrial Technologies Fund (led by Matterwave Ventures, the former btov Industrial Technologies team) and BM H from Wiesbadan, TVARIT is positioning itself for future growth on a global scale.
TVARIT has developed one of the most advanced Industrial AI technologies for sustainable and zero-waste manufacturing. With the Deep Tech products and prescriptive AI, manufacturing companies not only receive preemptive signals, but also recommended actions to optimize production processes. This leads to a significant reduction in direct costs such as scrap and indirect costs such as resource-wastage and CO2 emissions.
TVARIT’s unique prescriptive engine has patented "Hybrid AI" technology, which combines shopfloor physics with state-of-the-art Deep Learning technology. Hybrid AI significantly reduces implementation time to 4 weeks with almost 100% prediction accuracy. It’s like having automatic cruise control in a car, because you now have radar with human like intelligence, it prevents the avoidable crashes.
In recent months, TVARIT has constantly achieved great results in reducing scrap and energy for its manufacturing clients, which has further fueled TVARIT’s organic revenue growth. Among others, the company succeeded in winning MAXION, one of the largest automotive wheel manufacturers in the world, as a customer and became its sole AI partner for their world-wide implementation, due to its outstanding performance in reducing production scrap and optimizing energy.
Founders Suhas Patel and Rahul Prajapat have already raised capital in various investment rounds since its inception in 2019. In addition to Futury Capital, who is again participating in the recent funding round, various business angels had already invested in TVARIT. To meet the increasing demand, TVARIT has already hired a chief growth officer, product developers, data scientists, and additional business development and sales staff.
In addition to expanding the technology, the new capital will primarily be used to expand the technical and sales team to meet the high customer demand and further scale the company. Apart from metal processing, other process industries such as the food industry are to be developed in the future.
Suhas Patel - TVARIT
"TVARIT's vision is to drive the world towards sustainable and zero-waste manufacturing. To fulfil the vision, a company requires experienced external guidance. During our 2.5 years of journey with Futury, we received excellent support not only in connecting to the clients but also guiding us in contractual matters. The call-me-anytime help from Benjamin Krahmer and Michael Singer helped us accelerate our decisions in critical situations. Matterwave Ventures leverages vast industrial software experience from a large number of previous investments in the space . Robert Gallenberger and Victor Szabo have been very genuine in approach during the financing round. I’m also very grateful for the valuable support of Sebastian Schnell from BM H, especially during the COVID-19 crisis, before investing in TVARIT. With the diverse background from investors and highly qualified internal team, Tvarit is well prepared to disrupt the metal processing industry towards zero-waste"
Robert Gallenberger - Matterwave Ventures, the former btov Industrial Technologies team
"We have been looking for and analyzing young technology companies in the field of process optimization through advanced AI approaches to conserve resources and reduce industrial CO2 emissions for several years. Among numerous providers, the team of Tvarit convinced us very quickly. The company differentiates itself with significantly more commercial traction, deeper process understanding, and an overall far superior value proposition for industrial customers."
Benjamin Krahmer - Futury Capital:
"TVARIT's team and technology impressed us from the start; the completed global roll-out of the product to various industrial customers, is a tremendous milestone and illustrates the growth potential. We look forward to working with Matterwave Ventures and BM H as the company continues to grow."
Sebastian Schnell - BM H:
"Cost reduction and environmental protection will and must rapidly gain importance in almost all industries. We see significant growth potential and are happy to continue supporting TVARIT as it scales."
TVARIT is a Deep Tech SaaS company specialized in the creation of digital assistants based on its "TVARIT Industrial Artificial Intelligence" (TiA). TiA provides prescriptive analytics to shopfloor engineers to reduce wastage of resources (4M - Man, Machine, Material and Money).
The team consists of over 40+ highly qualified engineers and experienced data scientists. We combine extensive industry experience with academic research and development - driven by a passion for technology & innovation.
TVARIT's customers include world-renowned manufacturing companies in the metal industry such as Maxion Wheels, Kamax, KSM, and Schunk Group. What they particularly appreciate about working with us is our high level of flexibility and personal commitment, our unique innovativeness, and the really quick ROI.
For more information, visit https://www.tvarit.com
About Matterwave Ventures,
btov Industrial Technologies is a VC fund managed by the former btov Industrial Technologies – now Matterwave Ventures – team, and is focused on European early-stage industrial hardware and software companies, empowering them to become global leaders. The focus lies on solutions that shape the future of industrial value creation, driven by software and hardware innovation – from materials to components to systems to software. The team supports portfolio companies with a genuine interest in their products, deep market knowledge, strong industry connections, and unparalleled investment experience in the sector.
With a fund size of EUR 100m btov Industrial Technologies typically participates in Seed and Series A investment rounds across Europe with initial investments between EUR 1-3m. Including follow-on financing rounds, up to EUR 10m per portfolio company can be invested.
For further information please visit https://matterwave.vc/
About BM H
Beteiligungs-Managementgesellschaft Hessen mbH ("BMH"), headquartered in Wiesbaden, was founded in 2001 and is an entirely owned subsidiary of Landesbank Hessen-Thüringen Girozentrale (Helaba). Through Wirtschafts- und Infrastrukturbank Hessen (WIBank), BMH Hessen is actively involved in the economic development activities of the State of Hesse. As a medium-sized investment and venture capital company, BMH bundles public investment interests and financing instruments for early-stage, growth, and medium-sized companies in Hesse.