Evolve Additive Solutions (EAS) announces that 3D Ventures and its affiliates have agreed to a $30 million growth equity financing in the company. EAS will use these funds to accelerate commercial sales of its Scaled Volume Production (SVP) platform in the U.S., Europe, and Canada. This fundraising follows a period of growth in which Evolve has meaningfully expanded its product portfolio over the past 6 months.
The investment comes in the form of an SPV (special purpose vehicle), with closing is expected in the third quarter of 2021. Proceeds will be used to accelerate the commercial deployments of the company’s high throughput 3D printer.
3D Ventures and its affiliates are seasoned operators and investors with decades of experience in the 3D printing, additive manufacturing and related industries. The principals are Hugh Evans, Joe Allison and Wally Loewenbaum. They bring a unique pedigree of industry talents, expertise and resources to the company in addition to investment capital.
“I have printed many parts over the course of my career, and in my opinion the Evolve SVP platform is the best 3D printer capable of competing directly with injection moulding in terms of part quality, part cost and throughput.”– Joe Allison, Managing Partner of 3D Ventures
In 2018 Evolve received $25 million in investment capital from Stanley Black and Decker, The LEGO Group and Stratasys. 3D Ventures broadens Evolve’s portfolio of partners to include both strategic and financial groups.
“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. We are now balanced with excellent backing in place from both the strategic and investment partners.” He added: “This investment presents a major step forward in fuelling our growth and better positioning ourselves as a manufacturing solutions organization.”– Steve Chillscyzn, CEO and Founder of Evolve Additive Solutions
Evolve’s STEP (selective thermoplastic electrophotographic process) technology sits alongside traditional manufacturing processes, such as injection moulding, on the manufacturing floor and augments an organization’s production capabilities allowing freedom of design and faster time to market with “toolless” production.
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