Herford, Germany-based findIQ, a company that specialises in an AI-based knowledge platform, announced its expansion into the US market with a dedicated local team now in place.
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The announcement comes as the company recently raised over $4M (approximately €3.4M) towards the end of 2024.
“findIQ’s intelligent combination of knowledge management and assistance systems has the potential to sustainably improve service delivery in many industries. I am convinced that findIQ, with its innovative solution, will make an important contribution to digitalisation and increased efficiency in service,” says Martin Möllmann, Principal at HTGF
findIQ: AI-based knowledge platform
Founded in 2022, findIQ specialises in an AI-based knowledge platform that helps preserve and share expert service knowledge for machine and plant maintenance.
To simplify, it focuses on capturing and sharing the knowledge of service technicians to help train new service professionals.
The announcement comes as the demographic changes are creating pressure for action. In Germany, about 4.26M workers are expected to retire by 2031, leading to a loss of valuable expertise.
The German company is addressing this issue in two main markets — the DACH region and the USA, where a similar trend is happening.
To develop its presence in North America, findIQ has set up a dedicated team in the US and created a specific corporate identity.
This aligns with global companies like Siemens, Phoenix Contact, and Elopak, which are using findIQ in Germany and expanding to the US.
New customers in the US, such as Kulicke & Soffa, will also receive direct support.
“In the third quarter of the current fiscal year alone, we acquired as many new customers as in the entire year of 2024,” reports Sina Volkmann, CEO and co-founder of findIQ. “We were also able to increase revenue from our existing customers by 50 per cent.”
70% reduction in error diagnostics
Originally used by smaller machine suppliers, its solution is now also used by large companies like Siemens.
“Knowledge transfer isn’t achieved simply by making data and documents searchable. Rather, it’s about supplementing it with often unwritten mental knowledge and providing it in a targeted, accurate manner. We ensure this, and thus the truly measurable return on investment,” says Volkmann.
According to the company’s claims, users can save up to 70 per cent of their time on error diagnostics.
Additionally, customers can become partners, and white-label applications offer more opportunities.
At present, companies like Enercity and WISAG use findIQ internally and also offer it as their own solution, opening up new business options.
Since 2022, findIQ’s investors have included High-Tech Gründerfonds, Auxxo Female Catalyst Fund, and Notion Capital, as well as renowned business angels such as Dr Bettina Volkens, a former member of the Lufthansa Executive Board and now a knowledge management entrepreneur herself.
Last year, findIQ received additional growth capital through the investment of Senovo, together with global player Plug & Play, and the participation of existing investors such as HTGF and Auxxo.
Experienced industry representatives such as Dr Maurice Eschweiler, Chief Representative of DMG Mori, were also recruited to the Advisory Board.
