SPARETECH, a Stuttgart, Germany-based SaaS platform that enables manufacturing companies to automate their spare parts management processes, raised $10 million in Series A funding.
The round was led by Insight Partners, a software investor based in New York, and saw participation from Headline and existing investors. The startup plans to utilize the funding to support its international expansion efforts.
SPARETECH’s existing investor team consists of Headline and the Plug and Play Tech Center. In addition, there are prominent angel investors such as Christian Gaiser, Carsten Thoma, Christian Reber, and Frederik Pfisterer.
SPARETECH offers a SaaS platform that enables manufacturing companies to digitally track spare parts, leading to reduced inventory and costs.
Martin Weber, CEO of SPARETECH, says, “Spare parts management is one of the most overlooked factors for competitiveness and sustainability in manufacturing. SPARETECH envisions an industrial zero-waste sharing economy. Transparency and high-quality data also lead to less wasted resources in spare parts procurement, transportation, and scrapping. This has a direct impact on the end user’s price and on CO2 emissions.”
The company’s platform enables maintenance teams to manage spare parts inventory efficiently and procurement departments to gain visibility into suppliers.
Company: SPARETECH GmbH
Round: Series A
Funding Month: June 2023
Lead Investors: Insight Partners
Additional Investors: Headline, the Plug and Play Tech Center, Christian Gaiser, Carsten Thoma, Christian Reber, and Frederik Pfisterer
Company Website: https://en.sparetech.io/
Software Category: Spare Parts Management
About the Company: Founded in 2018 by Martin Weber and Dr. Lukas Biedermann, SPARETECH is the SaaS platform that enables manufacturing companies to automate their spare parts management processes, from identification to spare parts ordering. The platform aims to reduce downtime, costs, and CO2 emissions for manufacturers. The company has developed intelligent matching algorithms to detect data inconsistencies and obsolete materials in companies' material master. SPARETECH has supported over 120 global manufacturing companies, including Bosch, Nestlé, Porsche, Yanfeng, and Airbus Helicopters.