Evolve Additive Solutions has announced an additional round of funding. Backed by Stanley Black & Decker again, this additional investment aims to enable Evolve to achieve its vision of expansion into new markets, applications and opportunities.
As a reminder, Evolve raised $19 million in equity funding with Lego Brand Group and Stanley Black & Decker in 2017. Both companies are excited about the company’s STEP technology. It should be noted that Stanley Black & Decker has a certain knowledge of the AM market. The venture is backing other companies of the industry including Triditive.
STEP, short for Selective Thermoplastic Electrophotographic Process, technology allows users to utilize production-grade thermoplastics for volume manufacturing applications across multiple industries, including Consumer, Automotive, Industrial and Medical.
“Stanley Black & Decker is excited about the continued relationship. Evolve’s vision in the Additive Manufacturing space enables the company to commercialize this new state-of-the-art technology and provide high quality production parts,” said Larry Harper, VP, Stanley Ventures for Stanley Black & Decker.
“Our continued relationship expands our market opportunity,” stated Steve Chillscyzn, CEO and Founder of Evolve. “As a startup organization 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.”
Evolve’s STEP Technology is expected to begin commercial sales in late 2020.
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