Addifab Raises $6.5 Million in FIM Oversubscribed Funding Round
Funding to strengthen the company’s flagship freeform injection molding process, including its global availability, supply of systems and enable Addifab’s relocation to accommodate FIM’s expansion.
New Addifab headquarters. Photo Credit: Addifab
Addifab (Taastrup, Denmark), developer of freeform injection molding (FIM), has announced that it has raised $6.5 million USD in a recent investment round, which was led by private equity firm West Hill Capital. The funding round was oversubscribed by a factor of two.
AddiFab is transforming injection molding by means of 3D printing. The company flagship FIM process blends qualities from 3D printing and injection molding for fast, low-cost products. The company’s investment round, meant to further accelerate FIM international market expansion, was completed in only 48 hours, and will enable AddiFab to:
- Strengthen global availability of FIM. In 2019, AddiFab teamed up with Mitsubishi Chemical Corp. (Tokoyo, Japan) to offer FIM-as-a-service in the U.S., EU and Japan, and AddiFab is dedicated to further strengthening the presence and momentum of FIM in these and other markets.
- Strengthen communication about impacts delivered by FIM. In the last 18 months, Addifab says FIM has been used to transform the development of products in several demanding industries such as medical devices, PPE, automotive, packaging, consumer electronics, personalized prostheses and critical utility infrastructure. FIM has demonstrated strong capabilities in on-demand low-volume injection molding. Further, the company says FIM is emerging as the gateway to prototyping applications for recycled materials and other materials that are not otherwise 3D printable.
- Strengthen FIM supply of systems. To meet increased demand for FIM, AddiFab has moved to new and more spacious facilities. The goal is to rapidly triple the number of systems that can be produced, while at the same time dramatically increasing the number of customer evaluation projects that can be carried out.
“FIM is quickly gaining acceptance as the number one 3D-printed tooling technology. Superior design freedom and unconstrained selection of materials are key factors driving adoption among injection molders,” says Lasse Staal, CEO and co-founder of AddiFab. “With FIM in their toolbox, molders can reduce injection-molded product times-to-market and costs-to-market, while at the same time raising the bar on innovation, customization and on-demand deliveries. This funding round will enable us to speed up further international roll-out of FIM, to keep up with the increasing demand in the market.”
As a first, highly visible step on this journey, AddiFab has relocated to new, larger facilities. The new headquarters offer more than twice the space for growth. Staal adds: “At AddiFab, we are dedicated to supporting our customers in their implementations of FIM. The new headquarters allow us to take this support to an entirely different level. Whether it be extensive feasibility studies, onsite R&D projects or deliveries of larger FIM system packages, we will be able to accommodate customer ambitions.”
With fresh funding and new headquarters, AddiFab is poised for rapid acceleration as the world moves out from under the shadow of COVID-19.
“The last year has demonstrated the importance of resilient supply chains that are easy to reconfigure and fast to scale up. With FIM, we strike an ideal balance of flexibility and scalability, and we are eager to bring this powerful platform into the hands of even more high-performing teams,” says Staal.
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