Metal AM Company Digital Alloys secures $12.9M in Series B financing
Metal AM company Digital Alloys, Inc. raises $12.9M in a Series B financing led by G20 Ventures, Boeing HorizonX Ventures, Lincoln Electric and former investor Khosla Ventures.
Digital Alloys is a low-cost manufacturer of metal parts. Two US patents have been granted to its Joule Printing™ metal additive manufacturing technology. The process consists in using wire feedstock and high deposition rates to print the hardest metal parts faster and at lower cost than any other solution.
As you can imagine, metal 3D printing is a coveted sector by aerospace and automotive industries (Read the June issue of our magazine for an in-depth analysis of these sectors). The manufacturing of cooled tools for the automotive industry and titanium parts for the aerospace constitute the first applications of this technology.
When investors are convinced by the Joule Printing process
Bill Wiberg, co-founder and Partner of Boston-based G20 Ventures, said, “When you look at the process required to produce practical hard metal parts using the much-hyped early generation of metal printing, what you find is a Rube Goldberg machine of complexity, touchy materials, and complex finishing steps. This great team has invented and now commercialized an entirely new approach that’s both faster and cheaper to the point that – once you see it – you have to wonder why anyone would do it any other way.”
Others see their investment as an extension of their own metal 3D printing activities. That’s the case of Tom Matthews, senior vice president, technology and research and development at Lincoln Electric who said that their investment in Digital Alloys and Joule Printing™ technology extends their company’s presence in metal-based additive manufacturing and helps advance development of value-added solutions in areas such as tooling and low-volume cast parts.
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