kheoos raises 2 M€ to accelerate its R&D and international expansion in the field of circular economy and sustainable purchasing for the industry.
Voiron, September 8, 2023
The deeptech startup kheoos, based in Grenoble area, announces a significant fundraising aimed at catalysing its efforts in Research and Development as well as supporting its expansion at the international level.
The investors, including Industrya and Iron Hands Capital, see in kheoos the ideal solution to the major challenges of circular economy in industrial maintenance: identifying, valuing and selling unused stocks and finding easily rare or obsolete parts to extend the life of their equipment, using the power of artificial intelligence.
Currently, dormant stocks and surpluses represent an estimated value of 3 billion euros across Europe. Today, 90% of these stocks are destroyed, due to the lack of a simple and automated solution to, on the one hand, identify them, and on the other hand, qualify them. Reintegrating them into the economy offers a huge economic and environmental benefit, equivalent to 3.5 million tons of raw materials saved and 450 thousand tons of CO2 avoided.
Since its foundation in 2018, kheoos has devoted its efforts to developing a technology based on artificial intelligence. This technology allows to scan the stocks of maintenance parts in a few seconds, identifying each reference, enriching the databases and eliminating duplicates. This step of “matching”, which would take months to do manually, has the effect of making visible millions of dormant parts. Industrial buyers can then find and acquire them on the online marketplace https://market.kheoos.com
In a context of increasing costs and industry’s willingness to improve its environmental footprint, kheoos offers a simple and operational solution to source quality parts with a reduced price and impact. The solution has been tested and is used daily by more than 400 customers, including industrial leaders such as Michelin and EDF, as well as other major players in the automotive, energy and pharmaceutical sectors.
Dominique Mercier, CEO and co-founder of kheoos, says : « Faced with a growing demand on the European market and the rapid evolution of industrial purchasing practices in favor of reuse, this first fundraising provides us with the necessary resources to achieve our objectives internationally, especially in Benelux, where Industrya has a strong presence, and in Germany »
Thibaud Le Séguillon, CEO of Industrya adds « It is difficult to integrate circular economy practices into industrial purchasing. kheoos’ offers provide fast and easy solutions to implement. The fact that the environmental impact is immediate really appealed to us».
Vivien Sayve, Iron Hands Capital, Managing Partner confirms : « kheoos is the only solution on the market with a complete software suite that meets the concrete and operational needs of its customers. The growing needs and the questioning of purchasing processes to integrate reuse parts combine the ecological and economic need that industry faces. As it stands, with this fundraising we think that kheoos is perfectly positioned to continue its growth and become a key player in the European market »
For any further information or interview request, press contact:
Hervé Mariage herve.mariage(%%)kheoos.com
Founded in 2018, kheoos is a Grenoble-based startup that renews the industry by minimizing its environmental impact, with the ambition of becoming the European leader in the reuse of parts for industrial maintenance. Incubated and co-founded by SATT Linksium, kheoos was a winner of the i-nov contest, is labelled “Solar Impulse Efficient Solutions” and won in 2022 the European circular economy award given by the European Institute of Technology (European Union). The startup is supported by Ademe, BPI, the Auvergne Rhône Alpes region and Minalogic. kheoos opened an office in Bratislava in 2020 to cover Slovakia, the Czech Republic and Hungary. kheoos brings together a team of 16 passionate about AI, maintenance, supply chain and digital. To learn more, visit https://kheoos.com/
Industrya invests in bold and innovative startups that shape the industry and the world of tomorrow. A “hands on” investment fund that operates exclusively in the sectors of industry 4.0, energy and new materials, Industrya is an ecosystem of startups, from incubation to investment, that supports passionate and audacious entrepreneurs offering sustainable and innovative industrial solutions to meet the societal challenges of the 21st century. Industrya is an initiative of the industrial group John Cockerill that brings together alongside it the investment funds of SFPIM, WE, NOSHAQ and LRM. www.industrya.com
About Iron Hands Capital
Iron Hands Capital IRON HANDS CAPITAL is a private equity firm focused exclusively on visionary companies with a promise of Progress, with a proprietary disruptive technology (DeepTech) at its core. IRON HANDS CAPITAL addresses critical environmental, economic and societal issues. Its mission is twofold: (i) to ensure that these promises of progress are realized and (ii) to generate attractive returns for its investors.
Founded in 2022, IRON HANDS CAPITAL provides startups with more than financial capital, strategic guidance and strong operational support. IRON HANDS CAPITAL aggregates the key knowledge of success in Deeptech thanks to the founding team from corporate finance, entrepreneurship, turnaround, innovation and international growth, in the small and large cap sectors. www.ironhandscapital.com