MatterFab Raises $5.75 Million in Series A Funding for Affordable 3D Metal Printing
Back in July of last year, we reported on a company called MatterFab. They had just emerged from “stealth mode” and had revealed their new 3D metal printer which aimed at making the technology available to more than just large corporations with huge pockets. In fact, their 3D printer promised to be priced at an order of magnitude less than what is currently available on the market today.
It appears as though there are several companies already interested in MatterFab’s incredible new technology, as today it has been announced that they have raised $5.75 Million in Series A Financing.
“Our vision is not just to solve today’s biggest challenges with metal 3D printing, but to revolutionize the capabilities of metal printing,” explained Matt Burris, CEO at MatterFab. “Achieving that vision begins with developing our new metal 3D printer in partnership with some of the most experienced users of metal additive manufacturing technology.”
3D printing has, for decades, been used by large companies for prototyping products before sending them off to be manufactured via more traditional manufacturing means. Today, there are some 3D metal printers in use, but they are mostly reserved for huge corporations willing and able to spend upwards of $1 million in order to create both prototypes and end-use products. Without a doubt, the technology has huge advantages in cutting down supply chains, allowing for easy iteration, and ultimately saving a ton of money in the long run. With MatterFab’s new machine, this technology suddenly becomes available to many more companies including some small businesses.
“Industries old and new will be impacted by MatterFab’s technology, as markets realize their new potential with additive manufacturing,” stated Ken Green, Managing Director of the Innovate Indiana Fund. “We are pleased to work with the MatterFab team as their unique backgrounds in laser technology and CNC protocols make them leaders in the 3D printing field.”
This isn’t the only funding received by MatterFab, as they have previously raised money from Lemnos Labs, an incubator known for investing in hardware startups. Undoubtedly it won’t be the last of the funding they receive either, especially if they are able to prove that this product can be both affordable and reliable for companies looking to produce end-use products via additive manufacturing.
“GE Ventures is reimagining manufacturing and what is possible on the factory floor, and we see great potential in MatterFab’s offerings and industrial applications,” explained Steven Taub, Sr. Director, Investments – Advanced Manufacturing, GE Ventures. “MatterFab’s open platform gives its printing system the flexibility that GE and other industrial leaders need to use additive manufacturing to make a wide variety of functional metal parts for our customers.”
What do you think about MatterFab, and their ability to raise such a significant amount of capital? Discuss in the MatterFab forum thread on 3DPB.com. Check out the video demonstration below, by TechCrunch.
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