We are excited to announce the close of $35.5M in series C financing to accelerate growth and consolidate our leadership position in the global digital twin market for the manufacturing, construction and facility management industries.
This marks an incredibly exciting moment for NavVis. It recognizes our explosive growth as well as validates our future ambitions of taking the indoor spatial intelligence tech market by storm.
The booming enterprise digital twin market
NavVis provides indoor spatial intelligence solutions for enterprises. The demand for indoor spatial intelligence is being driven by the rapid adoption of digital twin technology. More and more enterprises are using a digital twin to monitor and control assets and processes using a virtual representation of physical spaces. In fact, Gartner predicts that by 2021, half of large industrial companies will use digital twins, delivering them a significant 10% improvement in effectiveness.
The reality though is that it’s not easy for enterprises to implement and operate a digital twin. Firstly, it’s difficult to capture the vast amounts of real-world information needed to create a digital twin. The second challenge is to then take that data and make it accessible and useful to the entire workforce.
We are hugely proud of the expert technology we have developed at NavVis to overcome these barriers. NavVis M6 enables accurate mapping at unprecedented speed and scale, whilst NavVis IndoorViewer empowers enterprises with an easy access, immersive 3D visualization software to fuel team collaboration. The two combined are the core technologies required for enterprises to seamlessly implement and operate their digital twin. NavVis technology helps enterprises deliver actionable insights that drive strategic decision-making as well as day-to-day-operations.
A 5-year growth story
Since the company was founded back in 2013, growth has skyrocketed. In the last 18 months alone, we have:
- Become enterprise ready and saw increasingly fast adoption, with a client roster including names like Daimler, Lenovo and Deutsche Telekom.
- Grown an already strong network to over 100 certified partners in over 30 countries worldwide, with over 150M square meters scanned and visualized using NavVis technology.
- Doubled our number of employees and opened a local office in Shanghai, China.
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.
A bright future lies ahead for 2019 and beyond
As we look forward to the next few years, we have a big, bold plan, embodied in our new mission statement:“Our mission is to empower every enterprise with the easiest and most powerful way to build and operate their digital twin.”These new funds will be an important boost and will be used to:
- Accelerate international growth: doubling down in our core markets in Europe and the US and driving market development in the booming APAC markets, with a focus on China and Japan. In particular, we plan to further expand our local offices in New York and Shanghai with top Sales and Marketing talent. In short, we’re hiring! Check out our careers openings and join this rocketship now.
- Drive product development for our NavVis Digital Twin Platform: evolving the NavVis IndoorViewer into an increasingly scalable cloud platform meant to emerge as the bedrock of a digital twin ecosystem that will power all kinds of third-party applications including IoT, AT and VR.
- Build out our NavVis Developer Ecosystem: building a developer community to drive extensive usage of our NavVis developer API and mobile SDK, enabling enterprises to develop their own applications and end-client solutions leveraging NavVis technology. At NavVis we lead by example and we have already worked on our own NavVis Maps & Navigation location-based mobile solution that pioneers AI-powered positioning technology.
Big thank you from the NavVis team
I want to finish by simply saying a big and loud thank you, on behalf of the entire NavVis team, to every user, customer, partner, developer and friend who helped us get to where we are today.
Thank you for making this milestone a reality! This achievement reflects all your passion, hard work and dedication. #BestTeamEver