September 20, 2024: Philadelphia, PA: Partium, the leading AI-platform for industrial spare parts search and data access, announced today that it raised $15 million in a series A round.
New York City-based Trestle Partners led the round. Other investors included Anzu Capital Partners, Berndorf AG, Beyond1435 (the venture arm of Deutsche Bahn AG), Bloomhaus Ventures, Edward Filippi, Riverside Acceleration Capital, TechNexus, and a large US-based energy provider.
Founded in 2020, Partium is an AI-platform that helps field technicians and supply chain organizations identify spare parts and access the right data about those parts. Maintenance, Repair and Operations (MRO) organizations across the globe use Partium to save millions of maintenance hours by reducing average part search times from 15 minutes to 15 seconds. Partium also helps supply chain organizations find duplicates in their warehouses, identify original parts manufacturers and search for similar parts.
“What excites me most about the current funding is that all of our existing investors, in combination with new financial VCs and two of our most valued customers, joined forces in this round to support Partium. They all believe in what we proved on a large scale in the last 4 years: that AI is a true game changer in the world of finding, buying and selling industrial parts,” says Partium CEO Philipp Descovich.
The fresh capital will be used to further grow the capabilities of the platform and expand the company’s reach in its core markets of North America and Europe.