Mantle, the developer of TrueShape, has just secured $20 million in Series C funding, which brings its total funding to more than $61.5 million. As a reminder, the company debuted in the market with a $13M investment, and secured $25M in Series B funding during the same year (2021).
With this funding round, Mantle plans to accelerate market expansion, scale manufacturing to meet demand, and develop new capabilities and materials.
“The fragile state of the global supply chain has triggered a massive reshoring initiative that sharply increased the demand for molded parts and thus toolmaking,” said Ted Sorom, CEO and co-founder of Mantle. “We’re navigating a twin set of hurdles: a toolmaking workforce in the U.S. that has shrunk by half over the past quarter-century, coupled with the rising costs and extended lead times brought on by constrained toolmaking capacities. This has driven manufacturers to seek out groundbreaking solutions. For our innovative customers, the adoption of Mantle’s tooling technology has emerged as a key strategy to enhance labor productivity, cut expenses, and drastically shorten lead times.”
Automation and injection mold tooling
Beyond the need to achieve precision manufacturing, manufacturers are turning towards automation and cutting-edge technology solutions to navigate workforce obstacles.
As a reminder, Mantle’s precision metal 3D printing technology is designed specifically to print injection mold tools, an application where other metal 3D printing methods have traditionally fallen short. This innovation slashes both the time and cost needed to fabricate high-quality molds and dies. The technology offers unmatched precision, surface finish, and metal properties while automating the tool production.
Led by Schooner Capital, a Boston-based private investment firm, the round was also joined by the company’s largest existing investors, including Fine Structure Ventures, Foundation Capital, Corazon Capital, 11.2 Capital, and Build Collective.
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