nyris Raises 10 Million € to Revolutionize Spare Part Identification in the Manufacturing Industry
eCAPITAL portfolio company nyris, a leading visual search provider, announced today that it has raised 10 million EUR in a funding round led by Trumpf Venture and the European Innovation Council (EIC). Existing investors eCAPITAL, Inter IKEA Group, SEK and Mücke & Sturm are equally excited about the company and participated in this financing round. The funding will be used to accelerate the adoption of visual search with new generative image data services.
„We are thrilled to have the support of Trumpf Venture, the European Innovation Council and our existing investors as we continue to push the boundaries of visual search technology,“ said Dr. Anna Lukasson-Herzig, CEO of Nyris. „With the development of new generative data services, we will be able to offer our powerful visual search technology to companies with little or no visual data. Quick and accurate identification of spare parts is a necessity for ultimately reducing machine downtime costs.“
The new synthetic data pipeline, an innovative approach developed by nyris, uses CAD data to generate photo-realistic spare parts and product images at scale. This new approach aims to address a persistent challenge in the implementation of visual intelligence projects in the industry – access to high-quality, well-structured image data.
“TRUMPF Venture is looking forward to teaming up with nyris. They offer the best image recognition solution for industrial applications in the market. That is also the reason why TRUMPF is a client of nyris. Our customers can use their visual search engine through our service platform to easily identify and order spare parts. We intend to support nyris in further developing their industrial product and expanding their business within this sector.” says Ulrich Kruse, Investment Manager at TRUMPF Venture.
„The European Innovation Council (EIC) Fund is dedicated to supporting European innovators in scaling their businesses.” adds Hermann Hauser, EIC Fund Board Member. “nyris is a prime example of how the European Union is fostering the development of cutting-edge technologies within the EU, with a special emphasis on supporting generative AI solutions. The EIC Fund’s significant investment, together with that of other investors, is a crucial step in the acceleration of nyris’ business growth.”
This investment is a strong testament to the team and will help nyris revolutionize the way maintenance and spare parts ordering is done today. With the strong support of TRUMPF Venture and the EIC, nyris will for sure turn its vision into reality: to help anyone identify anything instantly.
About nyris GmbH
nyris is a visual search platform that gives people a more natural way to find what they are looking for. nyris helps suppliers, maintenance specialists, and equipment manufacturers increase spare part and component sales with custom search engines. With nyris, companies of all industries realize financial value while improving how people find, discover and get things done. Up and running in minutes, only nyris’ technology is designed and engineered to handle any visual search challenge. Based in Berlin and Dusseldorf, Germany, nyris serves leading companies across Retail and Manufacturing, active in more than 50 countries and representing every continent. Led by respected technology industry veterans, nyris investors include eCAPITAL, IKEA, Trumpf, EIC and Axel Springer. nyris visual search platform delivers industry-leading performance on the measures that matter most: accuracy, speed, scale, privacy and security. nyris also accelerates time-to-value with ease of integration and customization as well as support and competitive pricing. Find out more about nyris at nyris.io
About eCAPITAL
Founded in 1999, eCAPITAL is an entrepreneur-led venture capital investor focusing on early- and growth-stage deep-tech companies with a positive impact on society. eCAPITAL is based in Germany and invests with its own funds with a total volume of over € 340 million in the areas of Sustainability, Enterprise Software, Cybersecurity, IoT and New Materials. In addition to financial resources, eCAPITAL offers its portfolio companies strategic support and access to an international network of entrepreneurs, scientists, investors and founders and was lead investor in various deep-tech companies such as sonnen, Novaled or Jedox, which were sold very successfully to international strategists or investors.