Aerospace marketplace co ePlane raises $9m

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The company has developed an AI-driven, B2B sourcing and business intelligence platform for the aerospace parts and repair markets.

AI-driven, B2B sourcing and business intelligence platform for the aerospace parts and repair markets announced today the completion of a $9 million financing round led by major Japanese trading and investing company Marubeni Corporation, and current investors.

ePlane is changing the way companies in the aerospace industry are conducting business with an online platform that enables users to trade aircraft parts, locate repair services, and improve supply chain bottlenecks and the cost structure of its users.

By bringing efficiency to the industry, ePlane has catapulted it into the 21st century, providing centralized sourcing, BI, and a marketplace for buying, selling, repairing, loaning, and exchanging aircraft parts. The platform digitizes the procurement process, syncing enterprise resource planning (ERP) systems and custom inventories, to ensure that inventories are most up to date in real time.

The platform’s Autopilot feature utilizes an AI algorithm to match buyers and sellers based on needs, available inventory, past transactions, and required timeframe, even automatically sending Requests for Quotes (RFQs) to appropriate sellers. This enhanced automation tool eliminates the need to send each request manually, significantly saving on time and labor.

Founded in 2016 and launched into full service in 2018, ePlane already receives over $50m in monthly demands from over 4,000 major companies in the Aerospace industry. Each of the network’s 6,000 end users are screened and verified to ensure a safe and reliable buying experience. The proper documentation and serial number for each part are also provided in the listing to ensure the highest quality of every purchase.

"We are delighted to see Marubeni joining us and see this partnership as an important one to the ongoing growth and success of ePlane. This is a strategic step," Benny Shabtai, one of ePlane’s initial investors and Board Members who previously sold mobile instant-messaging, voice and video calling app, Viber, to Japanese tech giant Rakuten.

Published by Globes,Israel business news - en.globes.co.il - on March 24, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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