Canadian materials science company Equispheres, which specializes in aluminum alloy powder for 3D printing, announced this week that it had secured a Series B investment, along with a new $30 million (CDN) investment round.
The funding round, at an undisclosed valuation, was led by HG Ventures, which is the corporate venture arm of The Heritage Group. Sustainable Development Technology Canada (SDTC), a government-created foundation to advance clean technology innovation that’s supported the company in the past, and BDC, the only bank in Canada devoted exclusively to entrepreneurs, also participated in the funding round, along with some undisclosed contributors.
Lead funding partner HG Ventures, which invests in and partners with companies working in sustainable technology and advanced materials, contributed $10 million in equity investment to this round of funding, while SDTC added an $8 million grant, which was first announced back in January. BDC contributed $5 million in subordinated financing, and the round was completed with $7 million in undisclosed funding.
Equipsheres’ Doug Brouse informed us that Jonathan Schalliol, VC and Director of HG Ventures, “mentioned on LinkedIn” that the company is a new investor in the additive manufacturing space, and it’s always great to bring new companies into this industry that are excited to be here.
“We are extremely excited to have HG Ventures as a partner, their extraordinary combination of research capability and venture capital experience made them an ideal partner to understand both the technical and market potential of our product across the transportation industry,” stated Kevin Nicholds, President and CEO of Equispheres, in a press release. “We are also grateful to have the support of the Canadian government, enabling us to leverage investor financing to achieve our objective of providing a high-quality product at volume levels the marketplace demands.”
This isn’t the first time Equisheres has received major funding for its work in unique metal AM powders. The high performance, mono-sized metal powders it develops can help print parts that are up to 30% stronger and lighter than ones fabricated with other powders. In the last year alone, the company has released two important reports about testing results of its specialty materials, including how it performed in aerospace-ready AM quality tests. With this latest funding, Equispheres can continue testing its powders, and plans to scale up the production capacity, along with investing in research and development partnerships.
Equispheres will be using the funds to focus on several important areas, including creating high quality jobs and hiring and developing new talent, and improving reactors for lower cost and higher volume powder production. In addition, the company will ramp up its R&D projects with new and existing strategic partners, as well as work on creating application support services for the aviation, automotive, defense, and space industries in order to expedite advanced manufacturing opportunities that its metal powders make possible.
Equispheres stated in its press release that “more significant developments are expected on the horizon,” so we should stay tuned to hear what’s coming next.
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