TVARIT, a Frankfurt, Germany-based AI and deep tech startup that focuses on helping metal companies reduce manufacturing scrap and energy losses, has raised €6.5 million in a Series A funding round.
The investment was led by Momenta, Futury Capital, and 4impact Capital, with participation from existing investor Matterwave Ventures.
Founded in 2015, Momenta Ventures is an industrial impact venture capital + growth firm accelerating digital innovation in the energy, manufacturing, smart spaces, and supply chain. The firm prefers to invest in seed-stage, early-stage, and later-stage companies.
Futury Capital is a growth equity firm based in Frankfurt, Germany. Founded in 2018, the firm prefers to invest in the seed, series A to series C, and growth-stage companies operating in the technology, software, consumer internet, artificial intelligence, ad-tech, fintech, and e-commerce sectors.
4impact Capital is a venture capital firm based in The Hague, Netherlands. The firm seeks to invest in digital tech4good start-ups focusing on technology-driven companies in impact investment areas such as inclusion, health & well-being, and environment sectors.
TVARIT Use of Funds
The company operates in nine countries across five continents and aims to further expand internationally with the investment.
Founded in 2019 by Patel and Rahul Prajapat, TVARIT is a deep-tech company specializing in the development and commercialization of a patented industrial AI solution for foundries and metalworking industries. TVARIT uses AI solutions to reduce waste, energy consumption, and greenhouse gas emissions in metal manufacturing processes, helping companies increase efficiency and reduce their carbon footprint. TVARIT's mission is to transform metal manufacturing through AI aligns seamlessly with global sustainability efforts.
Company: TVARIT GmbH
Round: Series A
Funding Month: October 2023
Lead Investors: Momenta, Futury Capital, and 4impact Capital
Additional Investors: Matterwave Ventures
Company Website: https://tvarit.com/
Software Category: Industrial AI Solutions