Tvarit raises €5m to drive net-zero metal manufacturing
Tvarit raises €5m to drive net-zero metal manufacturing
Tvarit has closed its funding round, led by Momenta and Futury Capital, to enable AI-powered, waste-free, and energy-efficient metal manufacturing. The round also included a significant re-investment by existing investor Matterwave Ventures.
Frankfurt, 14.04.2023. Tvarit, a Frankfurt-based startup, is on a journey to enable zero-waste manufacturing. The World Economic Forum estimates that industrial waste accounts for half of all waste generated globally. Manufacturing is the largest and fastest-growing contributor to this waste stream, with an estimated 20% of every dollar spent on manufacturing producing waste. Tvarit estimates that the metals industry loses €160 billion annually.
Focusing on the metal manufacturing processes such as casting, hot forming, welding etc, Tvarit offers a hybrid AI solution, first of its kind, that combines deep metal processing domain knowledge with data-driven AI to provide continuous, accurate prescriptions and actionable insights to help the machine operators achieve higher productivity.
Founded in 2019 by Suhas Patel and Rahul Prajapat, Tvarit Industrial AI can reduce manufacturing quality defects (scrap) by 50% and reduce energy costs by up to 30%. These savings are very significant for the metal industry as their profit margins are only 5–8%, so with Tvarit’s help profit margins can be significantly increased. Furthermore, since metal manufacturing processes are quite energy-intensive, customers are not only able to improve their profit margins but also significantly reduce their carbon footprint.
According to Tvarit’s founders, Momenta’s strategic network, value creation expertise, and deep experience gained over three decades of investing in rapidly growing digital industry companies will accelerate Tvarit’s journey to make metal manufacturing zero-waste and more sustainable.
Suhas Patel, Founder and CEO at Tvarit
“Metal manufacturing shop floors are very complex.” In state-of-the-art machines, there are 2.4 trillion possible combinations to optimise process parameters — no human can be sure of finding the optimum. “AI is the only way to eliminate waste on the shop floor.”
Ken Foster, Executive Director at lead investor Momenta:
“Manufacturers in Europe are dealing with the dual challenges of the energy transition and carbon neutral goals.” Tvarit’s AI tools enable them to do both, driving precision manufacturing techniques to help maintain their global competitive advantage. Momenta is proud to lead the investment round in a company that is driving such “Industry 5.0” outcomes.
Benjamin Krahmer, Managing Partner at Futury Capital:
“We have been fortunate enough to invest with our early-stage fund in Tvarit`s early days. With Tvarit´s recent significant growth, its superior AI, and its deep industry know-how, we are excited to further invest with our Growth Fund, enabling Tvarit to accelerate even stronger.”
Robert Gallenberger, Partner at Matterwave Ventures:
“We are excited to welcome sector specialist Momenta and the growth fund of Futury Capital to the shareholder group. Our strong follow-on investment demonstrates our commitment to support Tvarit on its journey to build the future of metal manufacturing.”
This investment will accelerate Tvarit’s technology development and global presence.
TVARIT is a Deep Tech SaaS company specialized in the creation of digital assistants based on its “TVARIT Industrial Artificial Intelligence” (TiA). TiA provides prescriptive analytics to shopfloor engineers to reduce wastage of resources (4M – Man, Machine, Material and Money).
The team consists of over 40+ highly qualified engineers and experienced data scientists. We combine extensive industry experience with academic research and development – driven by a passion for technology & innovation.
TVARIT’s customers include world-renowned manufacturing companies in the metal industry such as Maxion Wheels, Gienanth, Endurance, and Schunk Group. What they particularly appreciate about working with us is our high level of flexibility and personal commitment, our unique innovativeness, and the really quick ROI. For more information, visit https://www.tvarit.com
Momenta is the leading Digital Industry venture capital + growth firm. They accelerate entrepreneurs and leaders devoted to the digitization of energy, manufacturing, smart spaces, and supply chains. Since 2012, Momenta’s team of deep industry operators have invested in over 50 entrepreneurs and helped scale over 150 industry leaders via our award-winning executive search and strategic advisory practices. For more information, please visit https://www.momenta.one.
Futury Capital invests in promising, high-growth technology companies at every stage.
Through its two funds, Futury invest in German and international tech companies in the seed to growth phase and help them accelerate their (inter)national growth.
Futury support its portfolio companies with capital, know-how and network. Together with LPs, consisting of its anchor investor the state of Hesse, family offices, German SMEs and large international corporations, Matterwave support its portfolio both strategically and operationally. Together with the founders, they pursue one goal: the development of top companies!
About Matterwave Ventures,
btov Industrial Technologies is a VC fund managed by the former btov Industrial Technologies – now Matterwave Ventures – team, and is focused on European early-stage industrial hardware and software companies, empowering them to become global leaders. The focus lies on solutions that shape the future of industrial value creation, driven by software and hardware innovation – from materials to components to systems to software. The team supports portfolio companies with a genuine interest in their products, deep market knowledge, strong industry connections, and unparalleled investment experience in the sector.
With a fund size of EUR 100m btov Industrial Technologies typically participates in Seed and Series A investment rounds across Europe with initial investments between EUR 1-3m. Including follow-on financing rounds, up to EUR 10m per portfolio company can be invested. For further information please visit https://matterwave.vc