3D printing tech startup Azul 3D announced in a press release today that it has raised $12.5m in an oversubscribed seed funding round.
The seed funding round had participation from Louis A. Simpson, former CIO for Geico, former manager of Berkshire Hathaway, and founder of SQ Advisors; Wally Loewenbaum, former chairperson of 3D Systems; Joe Allison, former CEO of Stratasys Direct Manufacturing; and Hugh Evans, former senior vice president of corporate development for 3D Systems.
The 3D printing tech startup wrote that it plans to use the capital to advance its proprietary high-area rapid printing (HARPTM) technology and support the launch of its first commercial printers.
David Walker, co-founder and chief technology officer at Azul 3D commented on how well the company is currently doing by saying: “One of the reasons we’re doing so well is because our technology offers a solution to unexpected surges in demand and supply-chain bottlenecks that occur during global crises, such as in the current pandemic.”
3D printing is a technology that is growing in popularity arguably due to its ability to produce complex items quickly and in mass with examples ranging from houses that can be 3D printed in 24 hours through to food preparation with NASA’s 3D printing research doing food printing, such as 3D-printed pizza.
3D printing is not just being used for making equipment as stand-alone items. It’s being used to make one or two parts of a finished item that are made up of several different parts and used in the structure of end-to-end processes that include going through checking systems that use machine vision.
The 3D printing tech startup explained that the HARP’s throughput allows the company to substantially lower the upfront and sustained costs in the manufacturing of goods for a variety of sectors.
Chad Mirkin, the co-founder and chair of Azul 3D commented on why its HARP technology played a part in securing seed funding by saying: “Investors recognize the paradigm-shifting and disruptive nature of Azul’s proprietary HARP 3D printing technology.”
Early customers and beta partners are expected to receive the first high throughput 3D printers in the first quarter of 2021 with a larger scale rollout of production-ready printers planned to be shipped towards the end of 2021.
Mirkin commented on how the 3D printing tech startup aims to show its capability to lower its customers upfront and sustained costs with the HARP technology in its high throughput 3D printer by saying: “The company intends to secure major partnerships validating this point in the very near future.”
During the COVID-19 pandemic, one of the 3D printing tech startup subsidiaries demonstrated its capability to lower the upfront and sustained costs by printing personal protective equipment (PPE) for hospitals, prisons, first responders, and members of the Navajo Nation.
Azul 3D claimed that HARP technology has enabled its team to be able to produce medical face shields at a record rate of 1,000 components per printer in a 12-hour shift.
Walker added: “With the ability to manufacture nearly anything quickly and on-demand, we can meet these unexpected needs as they arise to quickly fill gaps in the supply chain. That’s the big difference between HARP and traditional manufacturing as well as many other forms of 3D printing, which either don’t have the throughput or material properties to meet the required specifications. We don’t have to change a whole assembly line or machine new molds. The concerns that accompany a stressed supply chain simply vanish.”
This is the third funding round the 3D printing tech startup has done with the three funding rounds bringing Azul 3D funding to a total of over $20m.
