ZIM leads $8mn funding for Spinframe

NYSE-listed ZIM, along with other investors, announced the initial closing of an $8 million financing round in Spinframe.

"ZIM led this investment as part of its strategy to invest in early-stage companies involved in the digitalisation of supply chains who offer novel cutting-edge services with high growth potential," says an official release.

Spinframe develops vehicle-inspection systems based on artificial intelligence (AI), computer vision and machine-learning technologies that create "Digital Twins" for vehicles throughout the supply chain and detect anomalies from the assembly line throughout the vehicle journey to the dealership and end customer, the release added.

"Spinframe's monitoring platform has already been implemented at a wide range of customers within the automotive industry including prominent automotive OEMs such as Volkswagen, car rental companies and dealerships."

The funds will be utilised by Spinframe to develop new and unique capabilities of Spinframe's platform as well as deliver a robust pipeline to implement solutions with new customers globally, the release added.

"After conducting successful PoCs, we have identified the immense potential of Spinframe's technology and its applicability to our industry," says Eli Glickman, President & CEO, ZIM. "As part of our overall approach and strategy, we actively seek out and invest in promising young companies as growth engines. This investment represents another successful partnership with a startup that specialises in digital automation solutions for the benefit of our customers. We take pride in supporting and enabling promising companies to flourish and achieve their full potential."

Ori Dangur, CEO, Spinframe adds: "This past year, Spinframe has grown significantly, and we are happy to see customers' conviction in our technology. We believe that our unique all-encompassing solutions have the potential to significantly improve the automotive supply chain and through our collaboration with ZIM, our ability to execute our strategy has been greatly enhanced. We are confident that with our investors' trust and ZIM's cooperation, we will continue to grow and deliver on the potential our technology holds."