Just days after rebranding to Zeda, the now combined companies PrinterPrezz and Vertex Manufacturing announced closing a $52 million series B financing round, bringing its total capital raised to $68 million. The California-based company, which creates 3D printing and nanotech solutions for medical and aerospace industries, pointed out that the funds would help accelerate its geographic footprint and medical product expansion in the U.S. and Asia.
Led by existing U.S. investors Boutique Venture Partners, Berkeley Catalyst Fund, Dream One Vision (DOV) Management, and Belgian venture capital fund Solvay Ventures, the funding round also had participation from multiple new institutional and strategic investors, including Michelin, industrial gas maker Taiyo Nippon Sanso (a Mitsubishi Chemical Group subsidiary), and French machine manufacturer Fives Group.
Discussing the latest funding announcement, Zeda Founder and CEO Shrinivas Shetty said the company is “seeing exponential growth in our served markets, driven by our regulated-industry partners and products, due to the global environment and localizing of supply chains. We are delighted to have closed a substantial round, particularly with the current economic headwinds. This further validates our vision for the company and the capabilities of our exceptional team to execute against our business plan.”
Armed with new financing, Zeda plans to fund its new advanced manufacturing digital foundry in Cincinnati, Ohio, and expand its facilities globally to address the growth in demand for metal 3D printing in the medical, aerospace, defense, space, and energy applications.
In addition, the brand hopes to use the cash to expand to the Asian market and is laser-focused on the region’s demand for additively manufactured medical implants. This aligns with a 2022 deal that Zeda made with the Singapore Healthcare Clusters and the National Additive Manufacturing Innovation Cluster (NAMIC) to grow the local 3D printed implant market. At the same time, PrinterPrezz announced that all parties involved in the agreement would jointly explore the design and development of 3D printed implantable products, R&D in the musculoskeletal and orthopedics fields, and venture creation models in new emerging areas that could benefit from AM.
Regarding the closing of the multi-million dollar funding round, DOV Management Founder and CEO David You had this to say: “As this funding round shows, there is a market even in tough times for industry leaders like Zeda. Few challenges are as complex as revitalizing localized manufacturing and securing critical supply chains. We are pleased to invest in Zeda as we believe leveraging advanced manufacturing and technology is best positioned to deliver reliable, high-quality products across multiple regulated industries and applications.”
Essentially described as a medical technology company focusing on 3D printing with nanotechnology, Zeda claims it is addressing the changing needs of the healthcare sector by manufacturing medical devices, orthopedic implants, spinal implants, semiconductors, and prosthetics. After its foundation in 2018, PrinterPrezz grew organically and through its first strategic acquisition of Vertex, Greg Morris’ Cincinnati-based advanced manufacturer and full-service machining shop. The deal would give the now-rebranded company the core fundamental post-processing technologies needed to accelerate the time to market for its medical devices.
Complementing each other perfectly, the duo now serves demanding industries like medical, space, defense, and aerospace. Moreover, the entire company rebranding into Zeda represents the strengths of both PrinterPrezz and Vertex Manufacturing and their combined focus on its “Z to A” approach, which stands for “customer first, product after.”
Commenting on its products, investors Kunihiro Kobayashi from the Taiyo Nippon Sanso Corporation and Rami El Assal from Boutique Venture Partners said the product that Zeda is offering is fascinating and unique. In addition, Kobayashi highlighted Zeda’s quality control system for printed implants. At the same time, El Assal was impressed by the brand’s ability to provide a complete solution for medical devices from concept to production, which can dramatically speed up innovation in the healthcare sector.
With the new overhaul, Zeda now has more than 140,000 square feet across multiple advanced facilities in Silicon Valley, California, New Jersey, Ohio, and Singapore; nearly 50 employees; and is backed by high-end players. Furthermore, the new cash infusion means the company is one step closer to “making a global difference” in all regulated industries, as its mission states, and could turn 2023 into its most successful year yet.
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