NanoSteel®, one of the leaders in nanostructured steel materials, announced the spin-off of its additive manufacturing business into a new company named ‘Formetrix™‘. The newly formed company will focus on creating new alloys with exceptional material properties which are not offered by existing subtractive and additive manufacturing processes.
NanoSteel has a decade-long expertise in patented steel alloy design, and Formetrix’s metal powder will aim to offer benefits such as higher hardness, higher ductility, and higher wear resistance compared to existing materials.
The company recently closed a Series A funding round to accelerate the commercialization of Formetrix’ s steel alloy manufacturing for 3D printing processes. Some of the investors included Cycad Group and SPDG. It aims to tap into the tool & die industry by offering new compatible additive manufacturing metal materials.
According to David Paratore, President, and CEO of NanoSteel, “Formetrix was formed to provide new, high-performance steel alloys to accelerate the adoption of Additive Manufacturing within the tool and die and aluminium die-cast industries. Growth in these sectors has been limited in part to the lack of suitable materials and we believe we have developed excellent new options.”
In order to support production customer requests, Formetrix has selected AddUp’s direct metal multi-laser melting (DMLM) FormUp 350 3D printer. It has a build volume of 350 mm3.
Harald Lemke, Chief Commercial Officer of Formetrix commented, “Through the precision capability provided by our new industrial AddUp 3D printer, we can support both prototyping and volume customer needs more effectively and efficiently. Using the initial FormUp 350 along with additional finishing equipment, Formetrix will continue to expand its service centre capabilities.”
One of the investors to the new company, Allegra Kowalewski-Ferreira, Investment Manager of SPDG added, ‘We are driven by the promising value Formetrix offers the Additive Manufacturing industry. The launch of Formetrix is a powerful milestone that we are excited to be a part of and look forward to its growth as an industry leader.’
Founded in 2002, NanoSteel is a privately held company and funded by investors including GM Ventures, Lear Corporation, and SPDG. NanoSteel is an advanced materials company specializing in the design and commercialization of patented steels with exceptional mechanical properties.
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