NavVIS is one of the strongest and fastest growing companies in ESA BIC Bavaria. The indoor spatial intelligence platform hundreds of top manufacturing enterprises use to digitize their industrial facilities is set to accelerate growth as the demand for digital twin solutions intensifies.
NavVis, the leading global provider of indoor spatial intelligence solutions for enterprises, today announced that it has closed a $35.5 million investment round to accelerate growth and consolidate its leadership position in the global digital twin market for the manufacturing, construction and facility management industries. The Series C funding round was led by Digital+ Partners, with additional participation from new investor Kozo Keikaku Engineering Inc. and existing investors MIG, Target Partners and BayBG.
December 10, 2018. Munich, Germany – NavVis, the leading global provider of indoor spatial intelligence solutions for enterprises, today announced that it has closed a new funding round, raising a total of $35.5 million. The Series C funding round was led by Digital+ Partners, with additional participation from new investor Kozo Keikaku Engineering Inc. (KKE) and existing investors MIG, Target Partners and BayBG. The new funds will be used to accelerate NavVis’ growth in the global enterprise market, where demand for indoor spatial intelligence solutions is being driven by the rapid adoption of digital twin technology.
Digital twin technology is being used by an increasing number of enterprises to monitor and control assets and processes using a virtual representation of physical spaces. Gartner predicts that by 2021, half of large industrial companies will use digital twins, resulting in those organizations gaining a significant 10% improvement in effectiveness. This rapid pace of adoption in the very near term has the digital twin market projected to be worth $15.66 billion by 2023.
There are currently two critical challenges experienced by enterprises seeking to implement digital twin technology. The first is scanning large industrial facilities to capture vast amounts of real-world information. The second is then taking that data and making it accessible and useful to the entire workforce. NavVis is uniquely positioned to overcome these barriers with its 3D scanning hardware, NavVis M6, and 3D visualization software, NavVis IndoorViewer, which serve as the core technologies for seamlessly implementing and operating digital twins. What truly sets the NavVis digital twin platform apart is that it combines easy access, immersive 3D visualization and interactive features. This powerful virtual workspace fuels team collaboration and delivers actionable insights that drive strategic decision-making as well as day-to-day-operations.
“The major German automotive manufacturers, who served as early adopters, paved the way for our digital twin technology to transform how enterprises will operate in the future. As a result, we are now experiencing a tremendous surge in demand for our well-established and trail tested platform” said Felix Reinshagen, NavVis co-founder and CEO. “Our mission is now to empower every enterprise with the easiest and most powerful way to build and operate their own digital twin to the fullest potential.”
Since launch in 2013, NavVis has experienced rapid growth and in the last 18 months has:
• Become enterprise ready and grown adoption by 150 percent, with a client roster including names like Daimler, Lenovo and Deutsche Telekom.
• Grown an already strong network to over 100 certified partners in more than 30 countries worldwide, with over 150M square meters scanned and visualized using NavVis technology.
• Doubled its number of employees and opened a local office in Shanghai, China.
The new funds will be used to accelerate international growth and product development efforts. The aim is to grow the NavVis platform into the bedrock of a digital twin ecosystem that powers third party applications including IoT, AR and VR. This will be enabled by the NavVis developer API and mobile SDK, which have already been used to develop deep integrations by enterprise tech powerhouses such as SAP and Autodesk.
NavVis is the leading global provider of indoor spatial intelligence solutions for enterprises, trusted by top companies including Daimler, Allianz, Huawei, Lenovo and Deutsche Telekom.
NavVis helps enterprises drive efficiencies and optimize business performance through its open digital twin platform that enables accurate mapping at unprecedented speed and scale, immersive 3D visualization designed for collaboration and location-based apps that pioneer AI-powered positioning technology.
Founded in 2013, NavVis is headquartered in Munich and has offices in New York and Shanghai. For more information, visit www.navvis.com.
For more information, please contact:
Munich Office: T: (+49) 89 7169 250 20
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Additional Quotes from Investors:
1. Dr. Axel Krieger, Managing Director and Founding partner of Digital+ Partners. Digital+ Partners is a leading German B2B technology investor. Find out more here: http://dplus.partners/
“At Digital+ we are looking to support the world’s most promising tech driven B2B business models. What really struck us about NavVis is the combination of strong tech leadership in real-world digital twins for buildings, the strong traction in the first vertical of digital factory and the almost unlimited potential to tackle further verticals and use cases,” said Dr. Axel Krieger, Managing Director and Founding Partner of Digital+ Partners. “It is a strong sign that the biggest names in the German automotive industry are already using NavVis tech, but that is only the tip of the iceberg. All of our indicators predict explosive demand for enterprise ready digital twin technology across industries in the next few years.”
2. Shota Hattori, President of Kozo Keikaku Engineering Inc. KKE is a Nikkei listed Japanese engineering firm. Find out more here: https://www.kke.co.jp/en/
“At KKE, we put a strong emphasis on applying technological innovation to our solutions. We were an early adopter of NavVis technology, which is why we know that NavVis digital twins will be a game changer for our industry” said Shota Hattori, President of KKE. “We are proud to support the incredibly strong NavVis team and be part of this exciting growth story. As investors and partners, we will get heavily involved in helping to scale the business in Japan, China and South East Asia.”