United Arab Emirates (UAE)-based 3D printing bureau Immensa Technology Labs has raised $7 million in a Series A funding round.
The funding round was led by energy investment firm Energy Capital Group (ECG), Al Turki Ventures, and other prominent investors such as Shorooq Partners, Venture Souq, and Green Coast Investments.
The new funds will be used to further expand the company’s 3D printing operations in Saudi Arabia, which it will use as a launchpad to target international markets further afield.
“We are thrilled to have secured Series A funding and plan to use the investment to realize our ambitious growth strategy,” said Fahmi Al Shawwa, Founder and CEO of Immensa. “Digitizing supply chains and adopting advanced and digital manufacturing is a key pillar for the realization of the Fourth Industrial Revolution.
“Additive manufacturing is crucial to industrial growth, helping to boost productivity, increase efficiency, enhance product quality, and improve business continuity.”
Accelerating 3D printing in the Middle East
Immensa was established in 2016 with the mission of advancing 3D printing throughout the UAE. The company provides 3D printing consultation, engineering, and on-demand production services to customers who are looking to adopt the technology on an industrial level.
The firm is reportedly the only in the regional Gulf Cooperation Council (GCC) with ISO 9001 certification. In its pursuit of advancing manufacturing within the Middle East, Immensa has partnered with the likes of large-scale 3D printer manufacturer BigRep to construct a smart concrete wall, and logistics firm RSA Global to develop a virtual warehouse for 3D printed parts.
Since opening its first 3D printing facility in Dubai in 2017, Immensa has filed a patent for a concrete fabrication method to aid the country in its ambitious goal of constructing at least 25 percent of each building using 3D printing by 2025. The company later entered the Saudi Arabia 3D printing market with the acquisition of Shakl3D and LayLabs in 2020, enabling it to reach customers there in the industrial, manufacturing, oil and gas sectors.
With its latest capital injection, Immensa will look to further expand its Saudi Arabia operations before seeking to enter other international markets.
The Series A funding
According to Immensa, the closing of its $7 million Series A funding round marks a breakthrough for the Saudi Arabia 3D printing market, as it hopes to become a global leader in smart manufacturing and advanced technologies. This sector is reportedly projected to be worth some $52 billion by 2026, up from $15 billion last year.
The funding round is also reportedly the first investment made in the Middle East region into additive manufacturing and related offerings, where 3D printing is expected to add nearly $5 billion to Saudi Arabia’s economy within the next three years.
Immensa is looking to capitalize on the region’s efforts to bolster the competitiveness of its industrial sector as part of its economic diversification strategy, and to build on the momentum of its smart technology sector since the beginning of the Covid-19 pandemic. The company also intends to quadruple its workforce over the coming months.
“Over $65 billion of spare parts in the energy and utilities sectors will be source annually via digital supply chain by 2030,” said Al Shawwa. “That’s an opportunity we are grasping early on, and investors are seeing the value of partnering with a leader in this underserved market.
“Immensa will grow its business while also helping to create a new range of industries and forge new career paths for Saudi nationals.”
Recognizing UAE AM potential
According to Immensa, more than $5 billion in funding has been directed into 3D printing and related digital offerings globally over the past year alone. While the adoption of additive manufacturing is has grown annually by some 20 percent during the past decade, the UAE region has lagged behind.
However, the company claims that this changed in 2020, and today the growth of additive manufacturing in the GCC is exceeding 300 percent each year. And it is this growth that seems to have prompted fresh investment in the technology in the form of Immensa’s Series A funding round.
“Investors today are looking for opportunities that center around innovation and sustainability and are aligned with industrial, technological and economic trends,” said Ali Alturki, Managing partner at ECG. “When we were presented with Immensa, we realized the untapped potential of digitizing supply chains and the value that digital inventories will garner for organizations, particularly in line with Saudi’s Vision 2030 and Aramco’s IKTVA program. The digital solution that Immensa’s team has developed is unique and will help it to tap into an unexploited market opportunity, valued at $165 billion.”
Upon acquiring Shakl3D and LayLabs last year, the company combined the two firms into an Immensa KSA subsidiary to form what it deems to be the “largest and most advanced 3D printing platform in the region.”
“Immensa’s digital manufacturing solution is aligned with the Kingdom 2030 Vision while unlocking the full potential of local content and fourth industrial revolution,” added Omar Abuhabaya, Co-founder of Immensa and General Manager of Immensa KSA.
“We believe that additive manufacturing adaptation largely contributes to drive industrial development and have a vital role in building the ecosystem ranging from feedstock, engineering optimization, all the way to production including parts testing and validation.”
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Featured image shows Immensa Co-founders Fahmi Al Shawwa (left) and Omar Abuhabaya (right). Photo via Immensa.
