Evonik Venture Capital, the venture capital arm of Evonik Industries AG, announced its investment in, Castor Technologies, an Israeli software start-up, that helps industrial companies adopt 3D printing. The investment helps Evonik to expand its domain into services by allowing customers use the 3D printing decision-support software startup to test the printability of their parts.
Evonik, one of the world’s leading providers of specialty chemicals, will contribute its expertise in its printing materials and support Castor to establish its software as a platform for all industries.
The Tel Aviv based Startup, Castor, was founded in 2017 as a solution to provide a decision-support system to manufacturers who are looking to adopt 3D printing. The likely customers for this software solution are mainly the machinery manufacturers from industries such as automotive, aerospace, medical devices, and logistics that have so far relied on traditional production methods such as injection moulding.
Castor’s proprietary software can help determine the printability of the parts, provide support for the best materials and also estimate costs. With this software, customers will have the opportunity to identify parts that could be printed with materials such as high-performance polymer powders and filaments.
Speaking about the investment in Castor, Bernhard Mohr, head of the Evonik’s venture capital activities, said, “Castor occupies an exciting space in the 3D printing market, helping companies overcome the hurdles associated with adopting the technology. The investment perfectly complements our existing portfolio of 3D printing activities and is our second investment in Israel, one of the most active start-up ecosystems in the world.”
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Also commenting on the investment, Große-Puppendahl, head of the innovation growth field additive manufacturing at Evonik, said, “With the software, broader adoption of 3D printing at a commercial scale becomes possible. That will offer us better insights into customer needs and preferences.”
Castor offers a really unique solution to industries. More specifically, the software performs a comprehensive technical and economic analysis which results in a simple report showing the break-even point for additive manufacturing versus traditional manufacturing methods. This allows manufacturers to decide whether to prefer 3D printing over traditional manufacturing methods and empowers engineers to identify parts which can be defined as the “lower hanging fruits,” leading to cost reduction and time savings.
According to Omer Blaier, chief executive officer of Castor, “Our vision is to be the manufacturers’ gateway to industrial 3D printing. Evonik’s expertise in 3D printed polymers combined with Castor’s ability to identify unmet needs in material properties is the right combination to improve our customers’ products.”
This investment enables Evonik’s business to offer services thus expanding its activities beyond materials.
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