Canadian 3D printing powder developer Equispheres has successfully secured an initial close on its Series B financing, raising approximately CAD 20 million.
Martinrea International took the lead in the financing round, with participation from INFOR Financial, and Stifel Nicolaus Canada, who acted as financial advisors. Legal counsel was provided by McCarthy Tétrault to Equispheres throughout the financing process. As reported by Equispehers, the company intends to maintain the financing opportunity until June 30, 2024.
“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,” highlighting the fact that the global aluminum casting market alone amounts to approximately $100 billion annually.
Equispheres’ AM materials prowess
Equispheres has developed atomization technology for metal powders, aimed at enhancing industrial additive manufacturing. Its aluminum powders have shown the capacity to notably boost printing speeds compared to industry norms, leading to cost reductions.
Last year, Equispheres and Aconity3D achieved notable build rates, achieving speeds nearly nine times faster than typical in the metal AM industry, particularly with aluminum powder and laser powder bed fusion (LPBF). By utilizing Aconity3D’s equipment alongside Equispheres’ NExP-1 AM powder, they reached production speeds exceeding 430 cm3/hr for a single laser. This collaboration explores the potential of laser beam shaping to alter energy interaction with the powder bed, aiming for increased productivity and precision in AM processes.
Alongside Roboze, Equispheres secured $3.5 million in funding from the Federal Economic Development Agency for Southern Ontario (FEDDEV) in 2022. This financial support aimed to accelerate the production of its patent-pending aluminum 3D printing powders. The company’s strategy involved the deployment of additional high-speed reactors to bolster manufacturing capabilities.
Funding rounds fuel AM innovation
According to the Equipsheres, this series B funding received will be allocated to various essential efforts. Among these, Equispheres plans to introduce multiple new reactors in 2024, aiming to expand its production capabilities. This expansion is deemed critical to not only support existing production programs but also to address the escalating demands of the market. Additionally, the company seeks to improve its facilities and cultivate collaborative partnerships with strategic allies to delve into the exploration of new materials.
“Equispheres’ continuing track record for driving performance improvements with additive manufacturing is truly impressive, opening doors to a wide variety of new and exciting higher-volume applications,” said Pat D’Eramo, Chief Executive Officer of Martinrea International.
Away from Equipsheres, other companies also carried out their funding rounds in the past. In March 2023, California-based nanotech and 3D manufacturing firm Zeda raised $52 million in a series B round supported by industry leaders. Undisclosed in enterprise value, the funding includes support from Berkeley Catalyst Fund, and DOV Management, among others. According to the company, the funding round proceeds were to be used for the establishment of Zeda’s new advanced manufacturing digital foundry based in Cincinnati.
Back in 2021, UK-based Additive Manufacturing Technologies (AMT) completed an £11M ($15M) series B funding round led by Foresight Group’s Foresight Williams Technology Funds. With contributions from Saint-Gobain Surface Solutions, NPIF – Mercia Equity Finance, and more this funding was aimed at supporting the roll-out of AMT’s PostPro SF and upcoming PostPro DMS products, scaling commercial operations, and safeguarding its IP portfolio of over 40 patents.
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Featured image shows Equispheres unique aluminum alloy powder particles magnified to 200μm. Photo via Equispheres.
