- 58 billion euros in spare parts inventories for production equipment are stored as dead capital in German factories.
- Ex-Porsche engineers develop the digital "data highway" for cost-efficient spare parts management and resilient supply chains according to COVID-19.
- Bosch realizes an efficiency gain of 50 %. Volkswagen and Airbus are also customers.
- € 5 million seed investment led by technology fund Headline and leading entrepreneurs and digital experts Christian Miele, Carsten Thoma, Christian Gaiser, Josef Brunner, Gisbert Rühl, Stefan Groß-Selbeck, et al.
Sparetech, the industrial spare parts management digitization company, today announced the closing of a €5 million seed funding.
The round comes after achieving triple-digit growth since its inception in 2019. Customers include Germany's automotive legends Porsche and Volkswagen, aerospace giant Airbus, consumer goods manufacturer WEPA Hygieneprodukte and aluminum processor Speira.
The global corporation Bosch reports that it has achieved a 50% efficiency gain in the area of spare parts management with its innovative Sparetech software. Partnerships with leading automation technology manufacturers such as Siemens, Rexroth and Festo underpin the cross-industry relevance and innovative strength of the business model.
Staying ahead of Tesla and Chinese competitors
Sparetech was founded by experienced ex-Porsche engineers Martin Weber and Dr. Lukas Biedermann, and enables manufacturing companies to strengthen their supply chains by automating all processes from identification to ordering spare parts for machinery and equipment.
"COVID-19 has exposed the vulnerability of traditional manufacturing strategies and supply chains almost everywhere. Manufacturing companies worldwide are under enormous competitive pressure to reduce or eliminate their dependence on supply sources perceived as risky. At the same time, constant availability of spare parts is required to avoid production downtime. But large inventories are expensive and tie up capital. Sparetech solves this problem," says CCO Biedermann.
"We see ourselves as a technological enabler of the Smart Factory, where spare parts are purchased at the time they are actually needed," explains CEO Weber.
"Our vision is to make Germany and Europe more competitive on the global logistics markets by creating the world's leading availability platform for industrial spare parts. This helps our automotive customers, for example, not to lose out to Tesla."
"Sparetech is a prime example of successful pioneering work from practice for practice. The digitalization of industrial processes is essential for the future competitiveness of our country and Europe. Sparetech proves that Made in Germany can also work digitally," says Christian Miele, partner at venture capital firm Headline and president of the German Startups Association.
Sparetech is on track to triple sales again in 2021 despite ongoing covid pandemic and chip crisis in many industries. Tech entrepreneur and relayr CEO Josef Brunner describes Sparetech as "one of the most promising technology companies for the German industry. Especially because the SaaS application is universal and can be operated as a stand-alone solution as well as fully integrated into business processes."
€5 million from major European technology investors and B2B experts
In addition to Christian Miele (Headline) and Josef Brunner (founder and CEO of relayr), the new investors also include Christian Reber (CEO Pitch, former CEO Wunderlist), Dr. Stefan Groß-Selbeck (Managing Director BCG Digital Ventures, former VP eBay & CEO XING), Gisbert Rühl (former CEO Klöckner &Co.), Christoph Keese (CEO Axel Springer hy) and Dr. Martin Böhringer (CEO Staffbase). The team is completed by existing investors Christian Gaiser, known for kaufDA and numa, Carsten Thoma, known as founder of Hybris (sold to SAP) and early-stage investor of the unicorns Celonis and Mirakl, Frederik Pfisterer, founder of the unicorn Mambu, Ingo Weber (founder of FAS AG), as well as Plug and Play Tech Center, investor from Silicon Valley and active in Germany with STARTUP AUTOBAHN.
Headline is a venture capital firm with on-the-ground operations in 7 cities worldwide. We invest in all regions and lead financing rounds at every stage. We go to the ends of the earth to support the success of our portfolio companies globally.