3D printer producer Evolve Additive Solutions has secured $30 million in additional funding in the form of a Special Purpose Vehicle (SVP) from 3D Ventures and its affiliates.
Expected to close in Q3 2021, the proceeds from the SVP will be used by Evolve Additive to accelerate the commercial sale of its Scaled Volume Production (SVP) platform in the US, Europe, and Canada.
“Funding from 3D Ventures reflects their confidence in our business model, our growth trajectory and our ability to meet a need in the additive manufacturing marketplace,” said Steve Chillscyzn, CEO and Founder of Evolve Additive. “We are now balanced with excellent backing in place from both the strategic and investment partners.
“This investment presents a major step forward in fueling our growth and better positioning ourselves as a manufacturing solutions organization.”
Advancing Evolve Additive’s STEP technology
Evolve Additive Solutions is a former subsidiary of 3D printer OEM Stratasys, having spun out of the company in 2017. The company has since been developing its proprietary Selective Thermoplastic Electrophotographic Process (STEP) 3D printing technology.
Using engineering-grade thermoplastics, the STEP printing process involves depositing feedstock layer by layer onto the build area via a moving belt, until the desired 3D shape is formed. The technology is reportedly 50 times faster than SLS 3D printing and enables a shorter time to market with “toolless” production.
Evolve Additive received an initial $19 million injection of seed capital from Stanley Black & Decker (SB&D) and LEGO in 2017, and has since received continued support from SB&D in additional funding rounds.
The firm has also entered into several partnerships over the years to advance its STEP technology, including imaging specialist Kodak who supplied Evolve Additive with imaging systems, parts and consumables derived from its Kodak NEXPRESS digital production color press. The company has also worked with chemical firm Evonik to develop a new range of thermoplastics for use with its STEP technology.
More recently, Evolve Additive has partnered with industrial manufacturing firm Siemens’ Digital Industries Software division to equip systems featuring its STEP technology with Siemens’ Xcelerator software in a bid to optimize build preparation steps, global production planning, scheduling, and execution. In time, the companies are planning to offer a joint software-hardware program that delivers both rapid and scalable 3D printing.
Evolve Additive’s latest equity financing
Evolve Additive has received its latest capital injection from 3D Ventures and its affiliates, who have agreed to a $30 million growth equity financing round in the form of an SVP. Generally, an SVP refers to a subsidiary company that is formed to undertake a specific business purpose or activity, such as asset securitization, joint ventures, or the financing of a project.
The SVP is expected to close in Q3 2021, and the proceeds will be used to accelerate the commercial deployment of the company’s high throughput SVP 3D printer throughout the US, Europe, and Canada. The SVP platform is based on Evolve Additive’s STEP technology, and is capable of sitting alongside traditional manufacturing processes, such as injection molding, on the factory floor.
The funding from 3D Ventures follows a period of growth for Evolve Additive, which has been expanding its product portfolio over the past six months. 3D Ventures and its affiliates possess decades of experience in the 3D printing sector, led by Hugh Evans, Joe Allison, and Wally Loewenbaum.
“I have printed many parts over the course of my career, and in my opinion the Evolve SVP system is the best 3D printer capable of competing directly with injection molding in terms of part quality, part cost, and throughput,” said Allision, Managing Partner at 3D Ventures.
The funding from 3D Ventures and its affiliates has broadened Evolve Additive’s portfolio of partners to include both strategic and financial groups.
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Featured image shows Evolve’s STEP 3D printing technology. Image via Evolve Additive Solutions.
