Canadian 3D Printing OEM Mosaic Pulls in Over $20M in Latest Financing Round

Mosaic Manufacturing, the Toronto-based original equipment manufacturer (OEM) of fused filament fabrication (FFF) 3D printers, has closed a CAD$28 million (~$20.72 million US) financing round led by Idealist Capital. Idealist is a Canadian venture capital (VC) firm that prioritizes investments in Canadian companies developing solutions related to the energy transition.

Mosaic plans to use the latest capital influx to continue scaling up production of its flagship Array system, comprised of four of Mosaic’s Element or Element HT printers, greatly amplifying the automation capabilities of Mosaic’s proprietary additive manufacturing (AM) technology. After years of development, Mosaic began shipping the Array and the standalone Element systems about a year ago.

In a press release Mosaic CEO Mitch Debora said, “We’re proud to partner with our customers in building more resilient, sustainable supply chains powered by Mosaic’s Array. This funding enables us to expand our impact as we deepen our presence in factories across the globe.”

François Boudreault, a partner at Idealist Capital, said, “Mosaic’s focus on throughput, quality and cost-efficiency is unlocking novel applications for [AM] while significantly reducing the often-overlooked waste produced by conventional manufacturing processes. Idealist Capital is proud to partner with Mosaic’s team who is driving sustainable manufacturing and supply chain resiliency.”

Along with VC firms and major industrial partners like Lubrizol, Mosaic has also received support from the Canadian public-private innovation ecosystem which increasingly resembles that of the US, drawing investments from institutions such as NGen and Canada Makes. Mosaic’s unique positioning as a Canadian OEM, ambitious vision of accelerating AM’s scalability, and focus on putting its technology on the factory floor all provide the company with a compelling narrative to attract prospective investors.

As was briefly noted in AM Research’s recently-released white paper produced with Würth Additive Group, multiple related factors make Canada a market that could disproportionately benefit from AM’s advantages.

Canada’s sparse population means that AM’s enabling of production close to or at the point-of-need could lead to outsized reductions in carbon emissions related to shipping. Additionally, the high percentage of low-carbon sources in Canada’s energy mix means that moving production capacity onshore could be significantly more sustainable than producing the same parts overseas.

Finally, the best opportunity to reduce carbon emissions in North America’s manufacturing landscape lies in the US and Canada maximizing the potential for the two countries to work together towards keeping as much manufacturing capacity as possible in North America. For that to happen, Canada needs to continue encouraging the growth of companies like Mosaic.

Images courtesy of Mosaic Manufacturing