The changing low-volume manufacturing game. Our investment in Geomiq

Alexander Chikunov
Apr 9 · 4 min read
Sova VC: Changing low-volume manufacturing game. Our investment in Geomiq

How complex is the process of manufacturing when you are just beginning to build your product? And what will happen when you need a couple of prototypes with quite a few different parts?

Well, that can be complicated. Very.

a) It’s hard to find the necessary producers;

b) It’s super slow;

c) It’s the same for each mechanical part — you need to start from square one, search for a manufacturer, and again it’s hard and it’s slow.

Why?

Because even small changes in specifications mean re-configuring equipment for a manufacturer — in other words, downtime, and additional CAPEX. In most cases, it’s something they desperately want to avoid.

But what if I said that the entire production process from modelling (2D or 3D) to the end product being delivered to your door could take less than a week?

In a nutshell, that is exactly what Geomiq brings to the table. But let’s take it one step at a time.

Manufacturing

The global manufacturing market is a multi-trillion industry. It is also very mature and conservative. More than 95% of supply is served by traditional manufacturers that have complicated, time-consuming processes and offer a limited variety of available materials and manufacturing methods, while any product includes multiple details from different materials.

As a result, the end customer has to select multiple vendors to produce a complete product, and thus the go-to-market process typically takes 4–6 weeks at a minimum.

When it comes to low volume parties[1], things are even worse. Equipment re-configuration is a complicated and costly process, and because of it most manufacturers struggle to produce parts in lower quantities.

Next generation manufacturers can be more flexible in implementing re-configurations and could offer faster go-to-market, though in most cases they have very limited materials and manufacturing methods available, as well as providing poor user experience for the end client.

With all of these legacy issues, it seems like a space that is ripe for disruption!

And so, without further ado, please meet…

…Geomiq

Geomiq is a [seemingly] simple solution developed by Sam & Will (co-founders of Geomiq). It is a B2B marketplace — a platform that is aimed to connect suppliers (both traditional & next generation manufacturers, sellers, etc) and buyers, make processes simple and transparent for both sides, and as a result, shorten go-to-market to as little as 5–7 days.

Geomiq replaces the traditional workflow of searching for multiple vendors[2] (that is nowadays mostly manual and relies on phone or e-mail communications) with a user-friendly, web-based platform.

So, in a nutshell, Geomiq is very smart and welcome alternative to excel, pen & paper, and countless phone conversations — as well as helping to calm the nerves of those working in the manufacturing industry.

In addition, Geomiq automates and controls all key stages of the process:

· Design and specification — If a client has CAD or 3D models, Geomiq’s proprietary algorithm allows them to automatically divide products into parts, sort them by materials and required parameters, and push them to the marketplace, where vendors can view each piece and bid for them

· Quoting, contracting and purchase — These processes are also automated. No hassle, no phone calls or e-mails — just technology!

· Quality control and shipping — Both are also supported by the platform

Even better, Geomiq connects a large number of manufacturers and can help users to find the most suitable partner for production of any specific product. Algorithms help to pass the order to the ones that can process it without equipment re-configuration. Ultimately, it opens up the possibility of low volume production being delivered in just the same way as normal high volume production!

As a result, Geomiq’s clients vary from start-ups (that do 1st versions of their products) to large enterprises and their subcontractors, who manufacture details for tests & pilots. Despite Geomiq being early stage (we’ve participated in the Seed funding round), the company is already trusted by more than 3,000 clients, including blue chip names like GE, BMW and Transport for London.

Customer reviews confirm that it provides the highest level of service, and more than 99% of parts are delivered within specifications and of sufficient quality for the client.

Geomiq’s platform is a powerful tool that brings together engineers, entrepreneurs and doers to create amazing products.

Sam & Will, good luck to you on your mission! We are happy to be supporting you on this journey.

[1] Commonly up to 100,000 pieces or fewer.

[2] Manufacturing of any product includes procurement and production of multiple details. These details are to be produced from different materials & with use of different manufacturing technologies. It could be covered with a single vendor/manufacturer in a very rare cases and thus client have to search for several.

Sova VC

An international investor focused on backing ambitious and disruptive early-stage technology companies to grow. We work with ambitious founders and entrepreneurs looking to accelerate their company’s growth and disrupt the status quo.

Alexander Chikunov

Written by

Partner at Sova VC — international investor focused on backing and building ambitious and disruptive early-stage technology companies to grow.

Sova VC

An international investor focused on backing ambitious and disruptive early-stage technology companies to grow. We work with ambitious founders and entrepreneurs looking to accelerate their company’s growth and disrupt the status quo.