Oxford manufacturer to disrupt £84.3bn composites market via funding round

Maven Capital Partners has today announced that it has led a £2.85m funding round for Oxford based Plyable Limited alongside Solvay Ventures and existing investor Forward Partners.

The transaction includes a £1.85m investment from the Maven VCTs. 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 per cent cheaper whilst significantly reducing end product lead times compared to standard methods. It works by taking a customer’s CAD file, analysing its mould-ability as well highlighting potential areas for improvement in seconds.

Machine learning is then used to build quotes solely based on component geometry. The pricing model is dynamic with shipping calculated using an API in real-time based on user location, dimensions and weight.

Composite moulds are then created through one of the Company’s 150+ global verified suppliers who are assigned jobs through the platform’s exclusive supply chain technology speeding up the entire procurement process, “reducing timelines from months to days”.

Plyable will use the funding to significantly expand its headcount over the next two years, further develop its software, and grow its footprint in Europe and North America.

The global composites market is estimated at $95.3bn (approx. £84.3bn) and is expected to increase at a compound annual growth rate of 6.3 per cent. 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. Global transportation currently accounts for 32 per cent of all CO2 emissions and minimising weight is critical to reducing emissions.

Alexander Sleigh, investment director at Maven, commented: “The Company has grown strongly in recent years with little external investment, and we are impressed with what the team have achieved to date with the business now a trusted supplier to many tier 1 manufacturers.”

Martin Oughton, CEO at Plyable, added: “We seek to increase the productivity and sustainability of manufacturers while simultaneously lowering barriers to composite adoption. Since starting operations in Oxford, Plyable has grown rapidly and now has a global presence.

“We are excited to deploy the capital to the company’s ongoing technological development and expansion of our ecosystem, particularly in Europe and North America.”

By Matthew Neville – Correspondent, Bdaily

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