kheoos raises 2 M€ to accelerate its R&D and international expansion in the field of circular economy and sustainable purchasing for the industry.
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".