Munich-based NavVis GmbH has raised $35.5 million in capital as part of a financing round. The 3D indoor digitization provider plans to use the fresh capital to accelerate its global expansion.
In addition, the startup from the Bavarian capital aims to more quickly meet the high demand for so-called "digital twins" and their analysis using artificial intelligence. Business models that utilize digital twins are a rapidly growing future market, with market research institute Gartner predicting a volume of over $15 billion by 2023.
Dr. Felix Reinshagen, co-founder and CEO of NavVis, explains:
“Our goal is to make it easy for every company to create digital twins and thereby unlock significant potential.”
MIG AG follows up: “Exceptional development”
In addition to the MIG funds, Digital+ Partners, BayBG, and new investor Kozo Keikaku Engineering are participating in the now completed Series C financing. MIG funds 12, 14, and 15 are investing a total of over €7.5 million in the C round. This increases the stake of the participating MIG funds in the share capital of NavVis to over 16 percent.
Dr. Axel Thierauf, Venture Partner of MIG AG, which manages the MIG funds, and for the participation in NavVis responsible, says:
"Our increased investment in NavVis is justified by the company's exceptional development. NavVis has succeeded in building a strong customer base in a short period of time, including BMW, Siemens, Foxconn, and Volkswagen. Internationalization is also progressing rapidly. Partnerships exist in 30 countries, and a 100-strong % subsidiary for China was recently established in Shanghai."
Stronger focus on digitalization and AI
Michael Motschmann, Board Member and General Partner of MIG AG, adds:
"With our additional investment in NavVis, we are increasingly focusing our portfolio on the areas of digitalization and artificial intelligence, which, from our perspective as venture capitalists, currently appear particularly promising."
In addition to NavVis, MIG funds are also involved in the AI company Konux and since this year in the companies also based on digitalization solutions Kewazo GmbH and GWA Hygiene GmbH.
