It follows an initial equity funding round in 2017, which saw Stanley Black & Decker and the Lego Brand Group contribute to an investment of $19 million to support Evolve’s research and development efforts. The latest round of funding is of an undisclosed amount.
Evolve is bringing to market Selective Thermoplastic Electrophotographic Process (STEP) technology, which is said to produce parts multiple times quicker than other additive manufacturing processes, boast ‘unrivalled’ directional strength in the Z-axis and possess full-colour and multi-material printing capabilities. Having spun out of Stratasys in April 2018, the company expects to commence commercial sales of its STEP technology before the end of the year, with this latest round of investment supporting Evolve’s vision of ‘expansion into new markets, applications and opportunities.’
“Stanley Black & Decker is excited about the continued to relationship,” commented Larry Harper, VP of Stanley Ventures for Stanley Black & Decker. “Evolve’s vision in the additive manufacturing space enables the company to commercialise this new state-of-the-art technology and provide high-quality production parts.”
“Our continued relationship expands our market opportunity,” added Steve Chillscyzn, CEO and founder of Evolve. “As a start-up organisation that is redefining the market, the continued confidence and trust from Stanley gives us proof that there is a strong demand for our technology in the marketplace.”
Since becoming an independent company over two years ago, Evolve has been continuing to develop its STEP process, with a round of alpha systems being used by industrial players, while also focusing on application development as beta testing has got underway this year. The company has also sought a materials partnership with Evonik and a technology partnership with Kodak.