MARKT-PILOT secures seed financing
6.2 million euros for AI start-up from Esslingen, Germany
MARKT-PILOT, a member of the Cyber Valley Start-up Network, has closed a €6.2 million seed financing deal with renowned Cologne-based venture capital investor Capnamic.
The start-up from Esslingen offers mechanical engineering companies a novel software-as-a-service (SaaS) solution that enables companies to automatically research competitive prices and delivery times for their entire spare parts portfolio. This enables them to proactively address the increasingly dynamic and complex spare parts market. The result: agile and market-driven sales pricing for spare parts, transparency regarding delivery times and availability.
The two founders Tobias Rieker and Amin Oumhamdi have already been working on the AI-based SaaS solution since 2016, which determines spare parts price and delivery time information from several tens of thousands of national as well as international web stores on a daily basis at the push of a button and compares it with information from machine manufacturers.
“Thousands of parts are continuously required worldwide and not a single one is benchmarked with the market. Due to this lack of transparency, parts prices have so far always been calculated on the basis of a traditional cost-plus logic. The only solution for this problem is provided by our software, which lays the foundation for the paradigm shift from cost-plus to market-oriented parts pricing”, said CEO Tobias Rieker.
Since its official founding in April 2020, MARKT-PILOT has already realized more than 70 customer projects and grown from two to 58 employees. This has made the company the market leader in the category “market intelligence for industry parts”. In November 2021, a second location was opened in Chicago.
With Capnamic on board, the MARKT-PILOT team plans to scale the business and strengthen its leadership position. The 6.2 million euros will be invested in three key areas: Scaling the US market, expanding the software solution capabilities and strategic growth in the newly created 7.8 billion euros software category ‘market intelligence for industry parts’.