Tvarit raises €5m to drive net-zero metal manufacturing
Tvarit has closed its funding round, led by Momenta and Futury Capital, to enable AI-powered, waste-free, and energy-efficient metal manufacturing. The round also included a significant re-investment by existing investor Matterwave Ventures.
Frankfurt, 14.04.2023. Tvarit, a Frankfurt-based startup, is on a journey to enable zero-waste manufacturing. The World Economic Forum estimates that industrial waste accounts for half of all waste generated globally. Manufacturing is the largest and fastest-growing contributor to this waste stream, with an estimated 20% of every dollar spent on manufacturing producing waste. Tvarit estimates that the metals industry loses €160 billion annually.
Focusing on the metal manufacturing processes such as casting, hot forming, welding etc, Tvarit offers a hybrid AI solution, first of its kind, that combines deep metal processing domain knowledge with data-driven AI to provide continuous, accurate prescriptions and actionable insights to help the machine operators achieve higher productivity.
Founded in 2019 by Suhas Patel and Rahul Prajapat, Tvarit Industrial AI can reduce manufacturing quality defects (scrap) by 50% and reduce energy costs by up to 30%. These savings are very significant for the metal industry as their profit margins are only 5–8%, so with Tvarit’s help profit margins can be significantly increased. Furthermore, since metal manufacturing processes are quite energy-intensive, customers are not only able to improve their profit margins but also significantly reduce their carbon footprint.
Suhas Patel, Founder and CEO at Tvarit:
“Metal manufacturing shop floors are very complex." In state-of-the-art machines, there are 2.4 trillion possible combinations to optimise process parameters — no human can be sure of finding the optimum. "AI is the only way to eliminate waste on the shop floor.”
Ken Foster, Executive Director at lead investor Momenta:
“Manufacturers in Europe are dealing with the dual challenges of the energy transition and carbon neutral goals." Tvarit’s AI tools enable them to do both, driving precision manufacturing techniques to help maintain their global competitive advantage. Momenta is proud to lead the investment round in a company that is driving such "Industry 5.0" outcomes.
According to Tvarit’s founders, Momenta’s strategic network, value creation expertise, and deep experience gained over three decades of investing in rapidly growing digital industry companies will accelerate Tvarit's journey to make metal manufacturing zero-waste and more sustainable.
Benjamin Krahmer, Managing Partner at Futury Capital:
“We have been fortunate enough to invest with our early-stage fund in Tvarit`s early days. With Tvarit´s recent significant growth, its superior AI, and its deep industry know-how, we are excited to further invest with our Growth Fund, enabling Tvarit to accelerate even stronger.”
Robert Gallenberger, Partner at Matterwave Ventures:
“We are excited to welcome sector specialist Momenta and the growth fund of Futury Capital to the shareholder group. Our strong follow-on investment demonstrates our commitment to support Tvarit on its journey to build the future of metal manufacturing.”
This investment will accelerate Tvarit’s technology development and global presence.