Fictiv, a San Francisco-based on-demand manufacturing service provider, has secured $100 million in Series E funding.
Since its founding in 2013, Fictiv has produced and delivered over 19 million custom mechanical parts via 3D printing, CNC machining, injection molding, and urethane casting. The company will use the capital to aid its customers in alleviating supply chain risks by further improving the speed and robustness of its on-demand manufacturing services.
The latest funding round brings the firm’s total capital raised to around $192 million. Fictiv’s Series E was led by Activate Capital, with contributions from existing institutional investors Accel, Bill Gates, G2 Venture Partners, and Standard Investments. New investors Angeleno Group, Cross Creek, and Westly Group also participated.
“We’re grateful for this outstanding support from our investment partners,” said Dave Evans, CEO of Fictiv. “We plan to leverage this new capital to accelerate our investment in our customers’ top challenges, particularly time to market for new products and supply chain risk and geographic resilience, through increased collaboration across organizations with reliable, transparent sourcing workflows.”
Fictiv’s Digital Manufacturing Ecosystem
Fictiv operates what it refers to as a ‘dispersed Digital Manufacturing Ecosystem’ to manufacture parts on-demand. The business is based on a high-speed instant part quoting system backed by a vetted network of over 200 global production partners. The firm also employs its own manufacturing experts to manage programs and inspect the quality of its services from start to finish.
Unlike many of today’s conventional contract manufacturing companies, Fictiv leverages its own set of proprietary AI algorithms. These models are what deliver the instant job pricing and design for manufacturability feedback.
The firm’s 3D printing service offering has grown significantly over the past nine years and now includes FDM, SLA, SLS, PolyJet, and MJF. Customers can also utilize product development, engineer-to-order, and MRO services.
“Fictiv has been a great additional resource for our business,” said Sean Williams, general manager at RBC Bearings. “We started working with Fictiv in September 2021 and since then have been impressed with their level of service and technical expertise, as well as the quality of product we receive. In our business, every second counts, and Fictiv has helped streamline our MRO ordering process by reducing quoting time from seven days to seconds or minutes, and lead times on these products down from weeks to days.”
Just this year, Fictiv launched its Enterprise Business Solutions portfolio aimed at solving many of the supply chain challenges facing manufacturers. Accessible through the firm’s base Enterprise platform, the portfolio contains three digital products designed to improve the efficiency, speed, and quality of product development and MRO processes for manufacturers.
Before that, the firm also raised $35 million in Series D funding to “aggressively expand” its platform and further invest in its supply chain operations.
Combatting supply chain disruptions
Fictiv believes its digital-centric approach has been a major benefit to its 3,000 customers over the years, with the latest $100 million funding round now expected to bolster this even further.
As the COVID-19 pandemic has caused disruptions to supply chains and even forced production facilities to shut down, the company’s customers have seen over 40% accelerated cycle times, over 20% greater engineering productivity, and major reductions in operational costs. Last year, Fictiv itself saw more than 100% year-on-year growth in core business revenue as well as an 81% increase in employee count.
“Fictiv has differentiated itself as an innovative digital manufacturing solution that provides not only unprecedented speed, but also scalable partnerships that deliver an immediate ROI and end-to-end business value,” said David Lincoln, managing partner at Activate Capital. “We believe Fictiv is the category leader transforming how companies like Honeywell gain unmatched productivity, efficiency, and enterprise scalability through digitized workflows that dramatically change the speed and quality of manufacturing.”
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Featured image shows co-founders Dave Evans (left) and Nate Evans (right). Photo via Fictiv.