Led by global automotive leader, Martinrea International Inc., with participation from new institutional investors, the financing round will remain open until June 30, 2024.
Equispheres, the developer of atomization technology for metal 3D printing powders, has closed a Series B financing totaling approximately C$20 million.
“We believe our path to success lies in partnering with our customers to reduce the overall cost of additive manufacturing,” said Kevin Nicholds, President and CEO of Equispheres. “This will lead to tremendous growth potential, where metal powders will be the largest part of the value chain,” noting that the global casting market for aluminum alone is approximately C$100 billion annually.
This capital will serve to bring on multiple new reactors in 2024 to support existing production programs, expand facilities and continue to expand collaboration on new materials with strategic partners.
The announcement follows a recent collaboration of Equisheres with Aconity3D that aims to improve the metal 3D printing production speed by 3x. The company claims its Aluminum powders increase printing speeds up to nine times higher than industry standards, thereby lowering production costs by up to 80%.
“By working closely with global leaders in automotive, aerospace and defense, we have been able to use our technology to engineer materials that unlock new high-speed additive manufacturing processes and new applications,” the CEO states.
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