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Venture Building Programme 2024 | EIT Manufacturing

Venture Building Programme 2024 | EIT Manufacturing

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In the vast world of manufacturing, ensuring the integrity of metal parts is a critical challenge, especially in industries such as automotive and maritime where safety is a top priority. RESONIKS recently closed a seed round, securing 2.65 million euros from lead investor Kvanted joined by Faber and EIT Manufacturing as part of their participation in EIT Manufacturing’s Venture Building Programme in 2023.

Meet RESONIKS, a company dedicated to transforming the detection of structural defects in metal components. Founded in 2022 by Felix Wassmann (CEO), Fabian Oberndorfer (CTO), and Isaac Kargar (CIO), RESONIKS leverages innovative acoustic testing methods powered by AI to automate and enhance the quality control process, making it faster, cheaper, and more reliable.

Revolutionizing quality control

At the heart of RESONIKS’ technology is an advanced acoustic testing method, which automates an existing technique using AI.

Felix Wassmann, co-founder and CEO, explains, “We help manufacturing companies find structural defects in metal parts, particularly those hard-to-detect flaws that current methods often miss.” This technology is particularly significant in industries such as automotive and maritime, where safety-critical components like engine parts and car chassis must be thoroughly inspected.

The company’s approach involves a patented modal analysis technique. Felix describes it as “an impact analysis where we hit a part to make it resonate in its own frequencies, then pick up those vibrations using a microphone.” The data collected is then processed by an algorithm that distinguishes between parts that are defect-free and those that are not. He explains this in a simple way: “It’s like a guitar. If it’s in or out of tune, you can’t tell just by looking at it, but once you play it, you can hear the difference. The tension in the strings changes, and we can ‘hear’ similar changes in metal parts using our method.

The RESONIKS advantage

RESONIKS’ technology stands out for several reasons. First, it allows for 100% testing of parts, unlike traditional methods that often involve random sampling. Second, the testing process is incredibly swift, taking only a few seconds, which aligns perfectly with manufacturing paces and removes bottlenecks. Moreover, it’s significantly more cost-effective, offering up to 80% savings compared to traditional methods like ultrasonic testing, dye penetrant testing, and CT scans.

One of the most notable advantages, however, is the reduction in reliance on skilled labor. Felix highlights the difficulty in finding skilled operators today, and their technology addresses this issue by automating the process.

One idea leads to another

The idea for RESONIKS’ core technology came from an intriguing market pivot. Initially, the team was focused on measuring the contents of steel cylinders using acoustic methods. However, the market wasn’t ready for this application. The turning point came when they realized their technology could detect defects in the cylinders. Felix recalls, “We saw that cylinders with dents or cracks had distinct acoustic signatures. This insight led us to shift our focus to quality control in manufacturing.

This pivot was validated when they pitched the new concept at a conference and quickly secured two customers who sent them parts to test. “For us, it was the market pull we were waiting for,” Felix says. This shift allowed them to concentrate on a clear and immediate problem.

A key moment in their growth was partnering with EIT Manufacturing. Felix explains, “We had a few touchpoints with EIT Manufacturing from the start due to their close relationship with universities and their Venture Building Programme.” This partnership offered a manufacturing-focused support system, connecting RESONIKS with industry-specific investors and peers facing similar challenges.

Felix highlighted the programme’s benefits: “Being in a room with other startups selling to the same industry was invaluable. We shared insights on long sales cycles, traditional workflows, and other industry-specific hurdles.

Beyond networking, the programme facilitated crucial introductions to investors with a manufacturing focus. This targeted approach was crucial in securing a significant investment round, enabling RESONIKS to grow from four to 17 employees in just five months.

As part of the Venture Building programme, RESONIKS also received funding from EIT Manufacturing, which brought more than just capital. It provided validation and credibility, attracting additional investors and partners aligned with RESONIKS’ vision.

The EIT Manufacturing programme challenged us to refine our value proposition and business plans, ensuring they resonated with industry stakeholders. This focus on manufacturing-specific issues and solutions was crucial for our growth,” Felix noted.

The future of acoustic testing

Looking ahead, RESONIKS envisions expanding the applications of their acoustic technology. Felix is excited about the potential: “In 5-10 years, we aim to ping an object we’ve never seen before and, based on its acoustic response, determine its geometry, material composition, or any other necessary data.” This ambitious vision relies on building a comprehensive database of acoustic signatures, starting with quality control and potentially moving into areas like condition monitoring.

Every startup faces challenges, and for RESONIKS, a significant hurdle was pivoting their market focus. “The biggest challenge was the uncertainty of whether the market would adopt our technology,” Felix admits. However, overcoming this challenge proved their resilience and ability to adapt. Growing their team from four to 17 members in a few months has been a major milestone, emphasizing the company’s rapid development and the importance they place on building a strong, cohesive team.

Currently, RESONIKS operates across The Hague, Netherlands, and Tampere, Finland, with Germany being a key market due to its large manufacturing sector and skilled labor shortages. The company is also exploring opportunities in the Benelux region, Scandinavia, and the UK.

About EIT Manufacturing Venture Building Programme

EIT Manufacturing is a Knowledge and Innovation Community co-funded by the EU with a mission to support the innovation in and competitiveness of the European manufacturing sector. Therefore, we invest in innovative, forward-thinking European B2B industry startups that are shaping the manufacturing sector of the future and whose solutions are strategically crucial to European manufacturing.

The Venture Building Programme is an important initiative led by EIT Manufacturing, in partnership with Startupbootcamp, to validate and support early-stage industrial B2B startups with innovative technologies with at least TRL 4. The programme focuses on entrepreneurial teams, university spin-offs, or early-stage startups addressing any of the following topics: Critical Components, Energy Transition and Automation, and Digitalization technologies.

Twenty selected teams or startups in the Programme will benefit from dedicated market and investment readiness support provided by EIT Manufacturing. The startups successfully graduating from this programme will get a fast-track in the assessment for an investment of 100,000 EUR on average per startup.

For more information, please visit the Venture Programme website.

Join Information sessions on 3, 7, and 11 June, register here.

APPLY HERE by 17 June 2024!

 

 

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