German startup NavVis receives €20m funding from the European Investment Bank

German startup NavVis receives €20m funding from the European Investment Bank

Published: 08-07-2020 15:01:00 | By: Pie Kamau | hits: 4684 | Tags:

The European Investment Bank (EIB) and NavVis signed a contract financing of €20 million to NavVis, a global market leader in digital twin technology. NavVis has experienced unprecedented growth and demand for its indoor spatial intelligence solutions, and will further invest in expanding operations to meet the need for technological innovation in the enterprise manufacturing industry.

The EU bank’s loan is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe under which the EIB and the European Commission are working together as strategic partners and the EIB’s financing operations are boosting the competitiveness of the European economy.

Ambroise Fayolle, EIB Vice-President who is responsible for innovation and operations in Germany, said: “NavVis is the world’s largest indoor data platform, this is a truly remarkable achievement. Their approach combines ground-breaking academic research with cutting-edge technologies. For the EIB, as well as the ´Investment Plan for Europe’, it is a top priority to support investment that is geared towards greater competitiveness. Therefore I very much welcome our cooperation with NavVis. We, as the bank of the EU, have to help to make sure that young innovative companies have a continuous access to financing.”

Paolo Gentiloni, European Commissioner for the Economy said: “The Investment Plan for Europe has a very strong track record in identifying and supporting innovative technology companies. The EIB’s €20 million in financing will enable NavVis to continue pushing the boundaries of what is possible with its “digital twin technology” to the benefit of companies in Europe and across the world”.

Felix Reinshagen, NavVis CEO said: “We’re proud to receive this financing from the EIB, which represents an important milestone in our long-term vision of digitizing all buildings. The EIB clearly recognizes the untapped potential  not just in Europe but around the world, and supports our belief that in the future there’ll be a digital twin of every building. The funds will be used for the continuous build-out of our technology and global market presence, and in the months ahead we’ll double down on our expansion into the digital factory space. Now more than ever, enterprises need our support in managing their digital transformation.”

Jeno Schadrack, NavVis CFO said: “We’re honored to have won EIB as a partner who shares our market view and technology vision and trusts in NavVis to play a leading role in the global market for indoor spatial intelligence. The funds will allow NavVis to accelerate the delivery of digital twins to enterprises and support the digital transformation in the manufacturing industry. It also demonstrates that Europe plays an important role in game-changing innovations.”