Evolve Additive has announced that 3D Ventures and its affiliates have agreed to a $30 million growth equity financing in the company.
The company has previously raised more than $25m in earlier fund raising efforts that saw contributions from Stratasys, Stanley Black & Decker and the Lego Brand Group. It will use this latest funding, which comes in the form of a special purpose vehicle, to accelerate commercial sales and deployments of its Scaled Volume Production (SVP) platform in the North America and Europe.
3D Ventures and its affiliates are ‘seasoned operators and investors’ with decades of experience in 3D printing, additive manufacturing and related industries. Evolve believes that the organisation’s principals – Hugh Evans, Joe Allison and Wally Loewenbaum – will bring a unique pedigree of industry talents expertise and resources, in addition to investment capital.
“I have printed many parts over the course of my career and, in my opinion, the Evolve SVP system is the best 3D printer capable of competing directly with injection molding in terms of part quality, part cost and throughput,” commented Allison, Managing Partner of 3D Ventures,
“Funding from 3D Ventures reflects their confidence in our business model, our growth trajectory and our ability to meet a need in the additive manufacturing marketplace,” added Steve Chillscyzn, CEO and Founder of Evolve. “We are now balanced with excellent backing in place from both the strategic and investment partners.” He added: “This investment presents a major step forward in fuelling our growth and better positioning ourselves as a manufacturing solutions organisation.”
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