Shorooq Partners Praises Immensa as a Leading Additive Manufacturing Force in the Middle East
As part of its ongoing efforts to fund and guide ambitious startups throughout the Middle East and North Africa (MENA) region, the Abu Dhabi-based venture capital and private equity firm Shorooq Partners first partnered with Immensa Technology Labs in 2021. Shorooq’s decision to partner with Immensa is no small endorsement.
Shorooq has a history of backing the right enterprises. https://www.shorooq.com/ Its portfolio of companies has generated more than $2.5 billion in equity value and created more than 5,000 paid jobs in 11 different countries. Shorooq specifically concentrates on promising startups that enable the global digitization of valuable assets.
Given Immensa’s capability to “take physical spare parts and dematerialize them into the digital, on-demand world,” its partnership with Shorooq makes perfect sense. Immensa provides manufacturing as a service (MaaS) to a diverse client base, employing 3D printing-based additive manufacturing (AM) to fabricate spare parts on-site as required.
Immensa’s MaaS clients can print highly precise parts when they need them from the digital computer-aided design (CAD) model models that they have on file. Highly convenient, efficient, and cost-effective, the AM approach to part replacement entirely eliminates a company’s spare part warehousing needs as well as its reliance on the world’s struggling shipping logistics and supply chains.
Headquartered in Dammam, Saudi Arabia, Immensa also supports offices and/or manufacturing facilities in Dubai, United Arab Emirates; Kuwait City, Kuwait; and Amman, Jordan. Beyond positioning itself for outstanding success in the Middle Eastern market, Immensa maintains an important presence in the United States through its office in Houston, Texas.
Strengthening its position in the Middle East, Immensa recently named Saudi Arabia as its official hub of regional expansion by acquiring two leading Saudi 3D printing companies as well as an industrial AM facility in Dammam that spans 10,000 square feet. This facility employs Immensa’s signature additive manufacturing methods, which involve the use of 3D printers to make solid standalone products and component parts of metal or plastic by layering (or “adding”) raw material according to exact digital design specifications.
Moving forward, Shorooq projects that Immensa will continue to spearhead important AM projects throughout the Middle East and beyond. “We anticipate Immensa to monetize proprietary digital assets and additively manufacture for various sectors with speed and volume, revolutionizing the overall supply chain of manufacturing,” reads an official Shorooq press release.
From its very earliest days in 2016, Immensa has served the Middle East as the very first AM engineering company in the MENA region to receive official certification through the International Organization for Standardization (ISO). In 2020, it penetrated the lucrative petroleum market as the world’s first AM company with an ISO 29001 (Oil & Gas) certificate.
Sharing a mutual foundation in Saudi Arabia’s industrial sector, Immensa and Shorooq stand to profit substantially as part of the booming AM market. Shorooq praises Immensa’s ability to overcome a shortage of digital CAD inventories and other challenges, both practical and technical, to build the largest on-demand AM spare parts platform in the Middle East. As reported by Shorooq, Immensa plans to amass a digital inventory platform of more than a million parts by 2030.
“Immensa’s business model and technological strengths are unique,” says senior Shorooq investment professional Tina Daher. “They solve existing problems and have the capabilities to maintain its dominant position in the regional energy space. “Essentially, in a world where worldwide supply chain remains affected by challenges from COVID-19 and other events leading to delays in transportation and downtime loss, Immensa Labs is at the forefront of smart manufacturing.”