Cleaning and surface finishing systems manufacturer DyeMansion has received new funding from the European Innovation Council (EIC) and the European Investment Bank (EIB) that it says has secured the company’s long-term development to see the era of digital manufacturing come to fruition.
The €4 million granted by the EIC and €11 million by the EIB will lay the long-term foundations for DyeMansion to continue to bring new products to the post-processing market and help set up the digital manufacturing production lines of tomorrow.
In this quest, the company has also added two new members to its Board, Felix Reinshagen and Peter Nietzer, to support the firm in its next stage of growth.
“The financial support of the EU as well as the additional expertise on the board will help DyeMansion continue to lead the transformation of the 3D printing industry at the forefront,” said Felix Ewald, CEO and Co-founder of DyeMansion.
“Combined with the momentum in the fourth quarter of 2021 and the continued support of our existing investors, we are now well positioned to continue to energetically develop relevant, highly industrial technologies that help our customers produce 3D printed products with superior quality.”
Fresh European funding
Hot off the back of a record-breaking Q4 in 2021 where the company sold over 100 machines, and after announcing a slew of new product announcements at Formnext last year, DyeMansion is now looking to capitalize on these gains with its latest round of EU funding.
Back in 2020, the EIC chose the company’s industrial vapor polishing system, the Powerfuse S, to be part of its first “Green Deal” call within the EU’s Horizon 2020 research and innovation program. After the successful rollout of the system, the EIC has granted DyeMansion a further €4 million to enable the company to bring further products to market that are developed with sustainability in mind.
“We are proud to announce the EIC Fund support to DyeMansion,” said Nicklas Bergman, EIC Fund Investment Committee member. “Through this investment, the EIC Fund is backing the additive manufacturing post-processing company growth and helping this company to implement a more sustainable supply chain.”
The additional €11 million financing received from the EIB is backed by the European Guarantee Fund Venture Debt (EGF-VD), which provides growth capital to European SMEs impacted by the Covid-19 pandemic. In particular, the EIB funding will support the firm’s R&D expenses.
The latest funding injections bring the DyeMansion’s total financing to $43 million, and will enable the firm to remain at the forefront of the additive manufacturing post-processing market.
“We are happy to support F&E-activities at this innovative start-up company,” said Fabrizio Morgera, Senior Investment Officer at the EIB. “We believe in the 3D printing market, and post-processing should be one of the winners following the Covid crisis, concerning global supply chains and sustainability.”
DyeMansion’s sustainability efforts have also seen it take part in Start Global’s Return On Society and the Environment (ROSE) project, developed with the University of St. Gallen and supported by btov Partners. ROSE encourages and supports companies to contribute a more positive societal impact.
Onboarding valuable experience
In addition to its new funding announcements, DyeMansion also revealed the addition of Reinshagen and Nietzer to its advisory board who will support the firm in its next phase of growth.
An experienced entrepreneur, board member and investor, Nietzer will join the company as Chairman of the Board. Having held the role of Chairman of the Supervisory Board of 3D printer manufacturer voxeljet since 2013, Nietzer brings a wealth of experience to DyeMansion as the firm looks to its next phase of growth.
Reinshagen, meanwhile, is the Founder and CEO of high-tech construction start-up NavVis, a fast-growing company he has built up within the B2B industry environment. Reinshagen’s experience will be available not only as a board member but also as a “sparring partner” for DyeMansion’s founders and management.
With its financing total now sitting at $43 million, DyeMansion has won the support of numerous investors since its founding in 2015. In addition to the funding received through the EIC’s “Green Deal” program in 2020, the firm has previously raised $5 million to further its R&D efforts and secured a further $14 million to drive its transition into fully-digital manufacturing.
The company’s existing investors, namely AM Ventures, btov Partners, UVC Partners, KGAL, Nordic Alpha Partners and OMS-Invest reacted positively to its latest announcements.
“I got to know Felix and Phillip already before the incorporation of DyeMansion in 2015 and I am more than happy that I had the chance to support them ever since,” said Arno Held, Managing Partner of AM Ventures. “I continue to be very impressed with what this strong team has achieved so far. Their technology has been a key driver in developing the additive manufacturing market further and in enabling high volume applications.
“Their outstanding results last quarter and a strong pipeline for 2022 show the great potential of DyeMansion, and the best is yet to come.”
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Featured image shows DyeMansion’s founders Felix Ewald (left) and Philipp Kramer (second from right) with the
two new board members Peter Nietzer (second from left) and Felix Reinshagen (right). Photo via DyeMansion.
