Birmingham, Michigan-headquartered AeroParts Now has closed a $3 million financing round led by String Ventures and Simon Group Holdings. The company will use the new funding to better serve its customers, accelerate growth and expand its sales, ecommerce and marketplace enablement SaaS (Software as a Service) products, built to help the aviation industry access and manage aftermarket parts. The company also announced that String Ventures chief mentor Dilip Dubey will join its board of directors as executive chairman.
“AeroParts Now is setting the industry standard with its innovative aviation parts management solutions that help aircraft companies manage sales, ecommerce and fulfilment efficiently. There's a huge technology gap between suppliers and those looking to purchase parts, and we're prepared to provide our clients the best solution to address it,” says Simon Group founder and chairman Sam Simon, a longtime investor in AeroParts Now. “We're thrilled to join forces with String Ventures, which brings a deep AI and software expertise, as well as experience in transforming supply chain, marketplace and SaaS startups into market-leading platforms. This capital injection will help build and scale AeroParts Now for the future.”
“AeroParts Now is an exciting opportunity to bring innovative AI-driven solutions to the aviation industry,” adds Dubey. “We're confident that AeroParts Now has the technology, leadership, vision and expertise to help customers grow sustainably, innovate and efficiently manage their customers' parts business as we enter the next era of the aviation industry.”