Successful closure of $5m Pre-Series A funding

Powered by proprietary AI technologies, DRIMCO accelerates bid and execution efficiency for industrial manufacturers, setting a new standard in requirement assessment and management. 

DRIMCO (www.drimco.net), a leader in AI-based requirement analysis, today announced the successful closure of its $5m Pre-Series A funding round led by pan-European venture capital firm Ventech and BayernCapital. The funding will accelerate DRIMCO's mission to transform industrial operations through its product, DRIM — The Next Generation Requirements AI. 

For manufacturing companies that respond to tenders or Request for Quotations (RFQs) it is almost impossible to understand the thousands of customer requirements as well as standards and norms during the short bidding phases. This causes wrong planning in the bidding phase and wrong project execution typically leading to 10% loss of revenue each year due to non-conformance-costs.

Requirements AI Platform

DRIMCO’s innovative product, powered by proprietary AI technologies analyzing RFQs, tenders and regulations, connects everyone involved in assessing requirements with the new colleague ‘AI’. DRIM stands out in requirement elicitation, assessment and management introducing a groundbreaking approach with its multi-AI Action Agents – purpose-built to empower subject matter experts across critical phases of industrial projects to manage their compliance (deviation) matrix. The AI agents are reusing historical project knowledge, accelerating bidding and execution and enhancing accuracy while mitigating risks and non-conformances.

DRIMCO has already processed more than 100 million requirements, delivering significant time and cost savings for large multinational corporations like Siemens, KSB, Royal Smit, Innomotics and multiple other enterprises across Europe and the US.‍

Dr. Pankaj Gupta, Dr. Bernt Andrassy and Costin Cozan, Managing Directors and Founders say:

“The investment will further accelerate the AI evolution of DRIM and multi-AI action agents, e.g., GPTender—an industry-tailored AI Requirement Agent that extracts key product configurations revolutionizing requirements understanding. It also enables interactive chat with tender documents, to query requirements, standards, and compliance details directly from the knowledge base created by DRIM. Furthermore, the investment will fast-track our vision of becoming a leading AI and data company at the heart of industry. It enables our customers to manage digital transformation more effectively and deliver greater value, all while meeting the highest EU standards for privacy, transparency, and traceability. It also helps us attract top talent eager to drive meaningful impact”.

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Christian Claussen, General Partner at Ventech commented:

‍“At Ventech, we back visionary founders who redefine the rules of traditional industries with cutting-edge technology. DRIMCO is doing exactly that for industrial manufacturing and engineering, where the complexity of requirements has long hindered efficiency. Their multi-AI agent platform marks a breakthrough in how industrial players tackle tenders and compliance, — transforming what used to be a manual, error-prone process into a fast, intelligent, and secure one. We’re proud to support Bernt, Pankaj, Costin and the entire DRIMCO team on its journey to become the category-defining leader in requirements intelligence.”

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About DRIMCO

Founded in 2020 by Dr. Bernt Andrassy, Dr. Pankaj Gupta and Costin Cozan, DRIMCO is pioneering the collaborative requirement assessment in industry. The combination of the founder’s deep industry expertise, an OEM partnership with Siemens and multi-patented AI technologies positions DRIMCO as the thought leader in the field of requirement intelligence. With a solution tailored for industrial manufacturing and engineering companies, DRIMCO operates on-premises, safeguarding the most valuable asset of any organization — their knowledge. 

About Ventech

Ventech is a well-established early-stage venture capital firm in both Europe and Asia with a strong digital focus. Founded in 1998, Ventech backs the most innovative and visionary tech entrepreneurs in diverse sectors with a global ambition. With its dual structure platform, Ventech has dedicated funds for Europe (Paris, Munich, Berlin, Helsinki & Stockholm) and Asia (Shanghai and Hong Kong). Since its inception, Ventech has raised nearly 1B€ and has realized over 320 investments, (including Vestiaire Collective, Prewave, Ogury, The Customization Group, Veo Technologies, Reveal, Speexx) and over 180 exits (Believe (BLV.PA) – listed on Euronext; Arteris (AIP) listed on Nasdaq; FinTecSystems; Withings; 4 Stop, etc.).

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