Jan 25, 2019 | By Thomas
Texas-based Essentium raised $22.2 million in a Series A round to continue expansion of its 3D printing solutions to meet market demand for the recently introduced Essentium High Speed Extrusion Platform.
The round was led by BASF Venture Capital with participation from Materialise, Genesis Park, and previous seed round investors.
BASF Venture Capital Investment Manager, Sven Thate, will join the Essentium board.
Essentium sells 3D printers and develops supplies for manufacturing and the software program to handle the additive manufacturing method. The corporate's new Excessive Velocity Extrusion (HSE) Platform ($75,000) uses Essentium's patented FlashFuse technology, a two-part, electric welding solution that combines nanomaterial technology and hardware technology to harnesses the power of Plasma to solve the Z-Strength issue that has long plagued FDM printed parts. Using this technology, you are now able to fuse the individual layers in the printed part together inside the printer as the parts are being built. This technology is scalable and can be applied to any type of thermoplastic. The HSE Platform offers high print speeds, the strength of injection molded parts using Essentium FlashFuse, and the ability to heat the nozzle from 20°C to 600°C in less than three seconds, making it the only platform to serve as a complete solution to unlock industrial applications of additive manufacturing.
The Essentium Series A round of financing is one of the highest in the history of additive manufacturing. Led by co-founder and CEO Blake Teipel, Essentium is creating a new generation of industrial 3D manufacturing platforms for sectors such as automotive, aerospace, biomedical, contract manufacturing, and oil and gas. The company intends to use the funds to scale manufacturing, engineering, international distribution, sales and marketing operations.
Essentium has operations in College Station, Texas, Orange County, California and Shanghai, and China.
Sven Thate, BASF Venture Capital investment manager, says: “Unleashing and accelerating the potential of additive manufacturing for our customers is a priority for BASF.
“Our investment, together with the strategic market partnership BASF has with Essentium, advances this strategy.”
Paul Hobby, Genesis Park founding partner, says: “Essentium falls right in our sweet spot of sponsoring local enterprise and helping fast growth companies successfully scale to the next level.
“The emerging technology and innovation ecosystem in Texas define the future of our regional economy. Sustainable efficiency is key to competitiveness in our legacy energy businesses and Essentium offers great possibilities for those sectors as well.”
Blake Teipel, says Essentium co-founder and CEO, says: “Industrial additive manufacturing is ripe for transformation.
“The problem/solution paradigm is made clear through independent research we commissioned among executives in industrial manufacturing where 100 percent of respondents reported obstacles in using 3D printing for large scale production, and 88 percent stated that their industries’ will save billions of dollars in production costs when the barriers are eliminated.
“Eliminating these barriers is what Essentium is delivering on.”
Posted in 3D Printer Company
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