Plyable has developed proprietary software that uses the latest AI to automate the quoting, design and manufacture of composite tooling.
The fundraise was led by Maven Capital Partners one of the UK’s most active investors in growing businesses, alongside Solvay Ventures. Existing investor Forward Partners has also returned to participate in this round. The transaction includes a £1.85 million investment from the Maven VCTs.
Plyable has developed proprietary software that uses the latest AI and machine learning technology to automate the quoting, design and manufacture of composite tooling. Its innovative platform is helping clients to create prototypes that are 20 per cent cheaper whilst significantly reducing end product lead times compared to standard methods.
It works by taking a customer’s CAD file, analysing its mould-ability as well highlighting potential areas for improvement in seconds. Machine learning is then used to build quotes solely based on component geometry. The pricing model is dynamic with shipping calculated using an API in real-time based on user location, dimensions and weight. Composite moulds are then created through one of the Company’s 150+ global verified suppliers who are assigned jobs through the platform’s exclusive supply chain technology speeding up the entire procurement process, reducing timelines from months to days.
Plyable will use the funding to significantly expand its headcount over the next two years, further develop its software, and grow its footprint in Europe and North America.
The global composites market is estimated at $95.3 billion and is expected to increase at a compound annual growth rate of 6.3 per cent. Growth is being driven by increasing demand for performance materials in the automotive, aerospace and defence sectors where the superior weight-to-strength ratio is increasing fuel savings.
An increased awareness of sustainability and environmental issues are also leading to a greater adoption of composite materials. Global transportation currently accounts for 32% of all CO2 emissions and minimising weight is critical to reducing emissions. Furthermore, Plyable’s solution has condensed down what used to be a multi week process to a matter of days, thereby enhancing the efficiencies of using composites.
Alexander Sleigh, Investment Director at Maven, said: “Plyable has built a differentiated and market disruptive platform that is helping customers across multiple sectors to procure composite tooling more efficiently, quickly and cheaply. The Company has grown strongly in recent years with little external investment, and we are impressed with what the team have achieved to date with the business now a trusted supplier to many tier 1 manufacturers. Maven’s investment will provide Plyable with the capital it requires to accelerate growth and fulfil its potential.”
Martin Oughton, CEO at Plyable added: “We are thrilled to announce this additional funding for Plyable and to be partnering with outstanding investors as we start our exciting next chapter of growth. All manufacturing, but particularly composites, is highly fragmented. We seek to increase the productivity and sustainability of manufacturers while simultaneously lowering barriers to composite adoption. Since starting operations in Oxford, Plyable has grown rapidly and now has a global presence. We are excited to deploy the capital to the company’s ongoing technological development and expansion of our ecosystem, particularly in Europe and North America.”
Credit: Business Innovation Mag