Published: Oct 06, 2022
Focus: Growth Capital
The Maven VCTs have led a £2.85 million funding round for Oxford based Plyable Limited.
The software takes the customer's CAD file, analysing its mould-ability as well as highlighting potential areas for improvement in a matter of 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.
The global composites market is estimated at $95.3 billion and is expected to increase at a rate of 6.3%. 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.
“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.”
Alexander Sleigh, Investment Director at Maven
“We are thrilled to announce this additional funding for Plyable and to be partnering with a highly experienced investment firm 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.”
Martin Oughton, CEO at Plyable