St. Paul, Minnesota — 3M has invested in asTech, citing a “continued commitment to advanced the digitization” of the aftermarket supplies giant, the companies announced Tuesday.
Terms of the deal were not disclosed.
“The 3M Ventures strategic investment in Repairify [asTech’s parent company] enables us to accelerate our solutions and offerings across the entire automotive ecosystem,” stated Cris Hollingsworth, president of Repairify, regarding the investment.
“We seek to make strategic investments that will advance our innovation and growth,” said Ben Wright, director, 3M Ventures. “We are moving rapidly to an even more digital-first world, and we see those shifts in the automotive aftermarket. This investment signifies our continued commitment to advance the digitization of 3M as well as of the customers we serve.”
According to asTech’s press release, “terms and conditions of the investment…will be announced in a separate press release later.”