3D printing software developer 3YOURMIND has closed its latest round of Series A+ funding, raising more than $5.5M.
The investment round was primarily led by the venture arm of energy and infrastructure giant EnBW, with further investments from UVC Partners, AM Ventures, TRUMPF Venture, and coparion. 3YOURMIND has stated that the capital will be used to expand its business into sectors such as aerospace and automotive while cementing its standing in energy and infrastructure.
Stephan Kühr, 3YOURMIND’s revenue, and growth CEO, explains: “Even during these unprecedented times, we expect to double our annual sales for the third straight year. This investment by ENV (EnBW New Ventures) and our existing investors UVC Partners, AM Ventures, TRUMPF Venture and coparion will enable us to strengthen our expansion efforts in Europe and North America.”
Digitizing the additive workflow
3YOURMIND’s business model is built around its proprietary additive manufacturing workflow software portfolio. The company’s customers have reportedly achieved cost reductions of up to 40% and lead time reductions of up to 18% with its agile-centric programs, which place a focus on flexible, automated, and distributed production. To date, 3YOURMIND has secured over 50 enterprise customers across a range of industries, giving the company a good standing in the software marketspace.
The products are mainly intended as streamlined communication tools, and aim to “become integral” for companies involved in producing spare parts on-demand. By replacing the traditional systems of old, 3YOURMIND’s software aids in the transition to a digital warehouse. While the majority of the company’s customers are already well-versed in 3D printing, the software also looks to provide an entry point for newcomers by helping with additive use case identification and implementation.
Aleksander Ciszek, Co-Founder and CEO of 3YOURMIND, states: “The current macro situation forces companies to focus on supply chain resilience. Our customers benefit from the distributed manufacturing software we are providing as the increased flexibility in their supply networks secures and generates value. We are happy that ENV and our existing investors support that vision.”
3D printing in the energy sector
EnBW claims that additive manufacturing has been of great use in its day-to-day operations. The company operates a variety of power plants and maintains their respective infrastructures, delivering energy to over 6 million customers in Europe. When faced with sourcing difficulties for old parts, 3D printing has proven to be an efficient method of equipment maintenance.
Across the pond, Purdue University was recently granted $800,000 by the US Department of Energy to accelerate the development of a 3D printed nuclear reactor core. The grant will allow the engineers at Purdue to be key contributors to the Transformational Challenge Reactor Demonstration Program, which aims to build and introduce the world’s first 3D printed microreactor by 2023 using Directed Energy Deposition (DED) technology.
Elsewhere, in Singapore, Royal Dutch Shell recently announced a four-year pilot project at its Pulau Bukom refinery to trial a ‘Digital Twin’ technology. The system is set to be fully implemented by 2024 and will facilitate the use of VR and AR on-site while running alongside 3D printing.
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Looking for a career in additive manufacturing? Visit 3D Printing Jobs for a selection of roles in the industry.
Featured image shows Agile MES software dashboard. Image via 3YOURMIND.