Renowned 3D printing firm Essentium, Inc., has reportedly made it to the front page for having closed a Series A funding round. The Texas-based developer of the HSE (High Speed Extrusion) FDM 3D printing platform has apparently closed the round at an appreciable USD 22.2 million.
As per credible sources familiar with the knowledge of the matter, the funding round was led by chemical magnate BASF. Additionally though, the round also witnessed the participation of the Houston-based private equity firm Genesis Park, award winning 3D software firm Materialise, and the investors of the previous seed round.
For the uninitiated, this isn’t the first instance of Essentium joining hands with BASF and Materialise. A report by Forbes claims that last year, the 3D printing firm had formed an alliance with the two which entailed the chemical giant to pour in USD 25 million in Materialise and inked a materials partnership with Essentium in order to create a global material supply chain for HSE. Credible sources cite that since the three companies since then, have been leveraging each other’s expertise in materials, software, and processes for advanced 3-D printing.
The current investment, as per reliable reports, reinforces Essentium’s existing relationships with Materialise and BASF that look forward to developing HSE materials and bring to the fore, an open market model for 3D printing.
Sven Thate, Investment manager, BASF Venture Capital, was quoted commenting that it is a priority for BASF to unleash and accelerate the potential of additive manufacturing for the firm’s customers. The current investment, in tandem with the partnership BASF has with Essentium, will further advance this strategy, Thate adds.
About Essentium Materials, LLC:
Essentium Materials, LLC produces material solutions for a slew of verticals such as the automotive, aerospace, and wearable markets. The company offers nanoparticle-coated filaments, filaments for 3D printed parts, carbon fiber-filled polycarbonate filaments, and a hardware platform for additive manufacturing.