Leonardo Palma Batista
Berlin, Germany - March 2023 - 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 & Roth 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 another 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.”
The support of our new and existing investors will help nyris revolutionize the way maintenance and spare parts ordering is done today. We are proud to have TRUMPF Venture and the EIC join our journey and enable us to turn our 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 IKEA, Trumpf, EIC, eCAPITAL and Axel Springer Plug and Play.
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
TRUMPF Venture extends the TRUMPF group’s comprehensive activities to promote innovation and to detect disruptive technologies and business models early on. The corporate venture capital arm invests globally in early-stage start-ups active in areas complementary or adjacent to the TRUMPF core, such as Advanced Photonics and Smart Factory Solutions. Funded start-ups benefit from an extensive network, deep domain know-how, proven skills in scalability as well as support to access the TRUMPF group and its ecosystem. The requirements for a potential investment are a strategic fit, a high innovation leverage and differentiation in business model or technology, an experienced management team and risk-adequate financial returns.
The TRUMPF group is the world technological and market leader for machine tools used in flexible sheet metal processing as well as industrial lasers and achieved sales of 4.2 billion euros in 2020/21.
Find out more about TRUMPF Venture at www.trumpf.com/s/venture
About the EIC Fund
The European Innovation Council Fund from the European Commission is an agnostic fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance.
The EICFund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialization of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding.
The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
Find out more about EIC at eic.ec.europa.eu
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.
Find out more about eCAPITAL at www.ecapital.vc
About IKEA and the IKEA franchise system
IKEA offers well-designed, functional, and affordable, high-quality home furnishing, produced with care for people and the environment. There are several companies with different owners, working under the IKEA Brand, all sharing the same vision: to create a better everyday life for the many people. IKEA was founded in Sweden in 1943.
About the IKEA franchise system
The IKEA retail business is operated through a franchise system with franchisees that are authorized to market and sell the IKEA product range within specified geographical territories. Inter IKEA Systems B.V. is the owner of the IKEA Concept and worldwide IKEA franchisor, who also assigns different IKEA companies to develop the product range, supply products and deliver communication solutions. Today, 12 different groups of companies have the right to own and operate IKEA sales channels under franchise agreements with Inter IKEA Systems BV.
About Inter IKEA Group
Inter IKEA Group includes Inter IKEA Systems BV, IKEA of Sweden AB, IKEASupply AG, and IKEA Industry AB related businesses. Inter IKEA Holding BV is the holding company for the Inter IKEA Group.