Chemical Products Evonik joined SaaS platform chembid as shareholder
The search engine and market intelligence platform chembid starts the year with a new strategic partner. Evonik Venture Capital has joined as a new shareholder. The investment is intended to support the development of an independent marketing platform for the chemical industry.
Oldenburg/Germany – As the saying goes: The better is the enemy of the good. Working together can be more promising than positioning solutions and offerings in competition – especially if you can combine SaaS solutions with AI techology. This view seems to be shared by the specialty chemicals company Evonik. It has now become known that the Evonik Venture Captial subsidiary has invested in chembid, which claims to be the world's largest search engine and market intelligence platform for chemicals.
Evonik only launched its digital assistant under the name 'Coatino' at the end of June 2020. The digital assistant supports its users with technical expertise and information about suitable additives and formulations. The so far unique digital assistant was developed by Evonik especially for the coatings industry and was designed to help experts in paints, coatings and inks to save time and money in the research and development of products.
Evonik not to continue its own platform
According to a press release Evonik will now contribute the knowledge from the development and operation of its digital marketplace OneTwoChem to the chembid platform and will not continue to operate its own platform. Focusing on one independent platform will strengthen the global marketing approach. With the integration of the digital laboratory assistant 'Coatino', which Evonik launched last year, chembid is further expanding its platform services. In addition to its product recommendation function, 'Coatino' offers a voice assistant for the coatings industry that provides answers to complex questions about formulations and ingredients of coatings. "In recent years, chembid has successfully driven the development of the platform and made a decisive contribution to the digitalization of the chemical industry. Evonik has great know-how and extensive experience in the areas of digitalization and digital platforms. This makes chembid and Evonik ideal partners,“ explains Bernhard Mohr, Head of Evonik Venture Capital.
Create added value for whole chemical supply chain
With the support of its shareholders Evonik, Büfa, and Stockmeier, chembid intends to achieve further milestones in its success story. chembid will focus on dynamic growth and the expansion of the product and service range using new technologies. „The aim is to position chembid as a central platform for information on the chemicals market and to create real added value for all players of the chemical supply chain. Both our new partner Evonik and the existing shareholders Büfa and Stockmeier can support us with their expertise and network and contribute to the digital success of chembid,“ says Marc Riley, Managing Director and CTO at chembid.
AI make decisions easier for buyers
With the chembid Dashboard, the SaaS company launched an innovative service last year, which provides exclusive market information such as price developments, new customer potential, and current market demand for chemical products. Technologies like AI-based analyses and intelligent algorithms are expected to make business decisions even easier for buyers as well as suppliers of chemicals in the future.
The parties have agreed not to disclose the financial terms of the deal.