German venture capital firm MIG Capital AG has closed a EUR3 million seed financing for French start-up Inbolt.
Led by MIG, the current round of financing involves SOSV, a global early-stage investor, BNP Paribas Development, the VC arm of the major French bank, and Laurent Dassault, one of France’s leading industrialists.
Inbolt is developing a novel 3D tracking system for use in industrial manufacturing to digitally support manual operations and minimise errors. Manufacturing and maintenance in the aerospace and automotive industries, for example, require multiple precise steps. Safety-relevant tasks have to be logged in detail, and until now often by hand. Errors in manual production can result in higher costs for quality control, work repetition, delays, or even accidents.