RIIICO, an Aachen, Germany-based startup that empowers manufacturing companies to generate digital layouts at the digital factory floor level, raised $1.5 million in pre-seed funding.
The round was led by Earlybird Venture Capital and US-based investors to push AI-driven digital twin creation forward.
RIIICO utilizes deep learning on 3D scans to retrieve insights directly from the shopfloor and translate those into a factory digital twin.
The startup’s advanced segmentation AI and meshing algorithms help manufacturers to translate their shopfloor reality directly into a transparent digital 3D model.
Felix Fink, Co-Founder, and CEO of RIIICO note: "Startups bring this innovative disruption, where they say I'm just going to change the world. And I mean, you have to be a little bit crazy even to say you will do this. But combining this with corporates' decades of experience is very powerful. Because in the end, you meet in the middle there, and you can make a change that a corporation wouldn't have done in 10 years and a startup itself could have never done. There's enormous potential for this cooperation."
RIIICO's existing customers include Siemens, Porsche, Volkswagen, Schaeffler, and Schmitz Cargobull.
Company: RIIICO GmbH
Round: pre-Seed Round
Funding Month: February 2023
Lead Investors: Earlybird Venture Capital
Company Website: https://riiico.com/
Software Category: Intelligent Digital Twins via AI & 3D Scans
About the Company: Founded in 2021, RIICO is an information technology company that specializes in the fields of software and artificial intelligence that make the world of manufacturing spin. RIICO offers a 3D modeling platform intended to design, plan, and simulate 3D models. The company's platform uses artificial intelligence to create smart & accurate models of any place which can be interactive and helps to simulate the 3d designs, enabling people to present their projects in an interactive way. RIIICO solutions enable the automated recognition of objects in 3D scans, offering immense value for various industries from automotive to construction to manufacturing.