The investment comes in the form of an SPV (special purpose vehicle), with closing is expected in the third quarter of 2021. It brings its total investments to $55M since the company’s founding.
Evolve Additive Solutions (EAS) has just secured a$30 million growth equity financing led by 3D Ventures and its affiliates.
3D Ventures and its affiliates are seasoned operators and investors with decades of experience in the 3D printing, additive manufacturing and related industries. The principals are Hugh Evans, Joe Allison and Wally Loewenbaum. They bring a unique pedigree of industry talents, expertise and resources to the company in addition to investment capital.
“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,” stated, 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 fueling our growth and better positioning ourselves as a manufacturing solutions organization.”
EAS which has recently shipped its first commercial AM solution will use these funds to accelerate commercial sales of its SVP (scaled volume production) platform in the U.S., Europe, and Canada.
As a reminder, the company was founded in 2017 as a spin-off from Stratasys to develop and commercialize a patented STEP (selective thermoplastic electrophotographic process) technology. The process empowers users to utilize production-grade thermoplastics for volume production applications and combines time-tested 2D imaging technology with proprietary IP developed by Evolve to precisely align incoming layers and sophisticated bonding techniques. STEP creates final parts that are fully dense with isotropic properties of injection moulding.
The company had first raised $19M Equity Investment in 2018 and later on, in 2020 secured an undisclosed amount ($6M??) from Stanley Black & Decker. Interestingly, it explains that today’s investment comes in the form of an SPV (special purpose vehicle), with closing is expected in the third quarter of 2021. Proceeds will be used to accelerate the commercial deployments of the company’s high throughput 3D printer.
3D Ventures broadens Evolve’s portfolio of partners to include both strategic and financial groups.
Joe Allison, Managing Partner of 3D Ventures, stated, “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.”
This fundraising follows a period of growth in which Evolve has meaningfully expanded its product portfolio over the past 6 months.
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