Maven have led a £2.85m funding round for the Oxford-based company alongside Solvay Ventures and Forward Partners. The investment will help Plyable scale its innovative AI driven marketplace for their lightweight custom composite moulds.
Plyable has developed proprietary software that uses the latest AI and machine learning technology to automate the quoting, design and manufacture of composite tooling. Its innovative platform is helping clients to create prototypes that are 20% cheaper whilst significantly reducing end product lead times compared to standard methods.
The global composites market is estimated at $95.3 billion and is expected to increase at a rate of 6.3%. Growth is being driven by increasing demand for performance materials in the automotive, aerospace and defence sectors where the superior weight-to-strength ratio is increasing fuel savings. An increased awareness of sustainability and environmental issues are also leading to a greater adoption of composite materials.
Ian McMahon and Dom Eccles provided financial due diligence for the transaction, supported by Kevin Yang.
Alexander Sleigh, Investment Director at Maven, commented: “We’ve worked with UHY Hacker Young on a number of transactions and have always been impressed by the breadth and quality of their insights. This transaction was no exception – Ian and Dom worked tirelessly to deliver to scope and within our agreed timeframe, maintaining excellent communication throughout. We look forward to working with them again soon.”
