NV3 invests in the AI-powered digital twin platform MYX
We are delighted to announce our EUR 150k investment in MYX – a platform that generates highly accurate digital representations of physical assets, called “digital twins”, overlaying them with AI-powered analytics. Total funding in the round is EUR 350k. The major part of NV3’s ticket is secured by the Fund of Funds. The funding will be used to accelerate product development, support local and international business development, as well as grow the company’s team.
“Operating large-scale physical asset networks is becoming an increasingly complex task while costs are escalating. MYX solves this problem by automating and digitalizing the oversight, management and maintenance activities of the respective assets, saving significant amount of time and money to companies. The digital twin market is growing rapidly and the founders of the company have all ingredients in place to grab a sizeable chunk and position MYX among the notable players in the industry. The company’s use cases are numerous.” said Yordan Zarev, Partner at NV3.
“We are happy to partner with NV3 which is one of the established VC players in the region. This funding will enable us to keep evolving out tech and push into various promising customer segments.” explains Yavor Mihailov, Co-founder of MYX.
Currently there are over 65 million kilometres of roads, over 1.3 million kilometres of railroads, 4 million cell towers and over 19 million square kilometres of protected land, with new infrastructure such as power lines, pipelines, bridges and tunnels being built every day to accommodate the growing need for people to travel and connect with our increasingly global world.
Companies need to take care of these assets regardless of the sheer complexity and size of the task; a step change is needed in how they maintain big and complex networks of assets.
MYX has a solution – digital twins of the world in one’s pocket. Incredibly accurate digital representations of the real world available on the smartphone to help make the best business decisions on the fly, and from any location. Empowered by MYX’s proprietary AI algorithms using Big Data, companies will be able to gain new insight into their own assets and get the big picture while also not missing out on any of the important details.
NV3 is a venture capital fund investing in tech start-up companies and successor of NEVEQ I and NEVEQ II, veterans within the venture capital industry in Bulgaria and the region. NV3 operates from Sofia, Bulgaria, and invests in fast-growing tech companies, which aspire for the leading position in their domains on the local and/or global markets. The leading investor in the fund is the Fund of Funds in Bulgaria with a commitment of EUR 19.1 million provided by the operational program “Innovation and Competitiveness 2014 – 2020”, co-financed by the European Structural and Investment Funds.
About Fund of Funds
The Fund of Funds in Bulgaria is managed by Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB) which main activity involves structuring and managing of financial instruments, co-financed by the European Structural and Investment Funds, during the 2014-2020 programming period. The company manages over EUR 660 million public resources and offers a wide range of products for the financial sector of the Bulgarian market, including guarantees, private equity funds and several others.