Coat announced the raising of an additional $ 25 million in a Series B funding round, bringing its total amount raised to $ 41.5 million.
The roundtable was led by venture capital fund Fine Structure Ventures and benefited from contributions from Foundation Capital, Hypertherm Ventures, Future Shape, 11.2 Capital and Corazon Capital, all of which are existing investors.
Mantle is expected to use the funding to accelerate the development and installation of its first commercial 3D printing systems in early 2022, while strengthening its hardware, software, materials science and manufacturing teams. The company came out of stealth with its TrueShape metal 3D printing technology earlier this year and, through additive manufacturing of tooling components, has already managed to facilitate the production of one million end-use parts. . By supporting manufacturers of deodorant packaging, medical devices, dishwasher components and more, Mantle says its TrueShape technology has resulted in approximately 65% ââtime and cost reductions, saving months on material development cycles while meeting the ârigorous needsâ of tool manufacturing with its multiple steel materials.
Read more: Fast cycle | Mantle explains how its metal 3D printing technology will accelerate product development
Among Mantle’s success stories is the 3D printing of a Tessy plastics production tool for a consumer product that has withstood over 400,000 cycles and meets the company’s rigorous quality standards for dimensional accuracy and surface finish. A multinational medical device maker also deployed TrueShape and successfully reduced the lead time for a prototype tool from 12 weeks to 4 weeks, while reducing costs by over 65%. L’Oreal was also revealed as a user of TrueShape, with the company’s director of product design, Blake Soeters, championing the technology’s ability to “provide the dimensional tolerance and surface finish” required by the main brand of cosmetics.
These nominations and approvals have helped attract new investment in Mantle, which will now leverage the funds to accelerate the development and deployment of TrueShape technology.
âFine Structure Ventures sees that a digital transformation is taking place in the manufacturing industry,â commented Shyan Kamadolli, Managing Director of Fine Structure Ventures. âMantle is helping manufacturers redefine the way they bring their products to market by reducing time and costs while implementing more digital, flexible and local supply chains. We are impressed with the value that Mantle’s early customers have achieved and look forward to supporting Mantle’s expected growth.
âMost of the products we use on a daily basis are from manufacturers using the types of tools that Mantle prints,â added Mantle co-founder and CEO Ted Sorom. âOur investors and clients are excited about the evolving and revolutionary nature of Mantle’s unique approach. Mantle enables companies to evolve with the manufacturing processes, materials and supply chains they know and trust, while achieving revolutionary improvement in lead times and tooling costs.
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