CIT GAP Funds invests in Metallum3D to develop Additive Manufacturing services
April 16, 2019
The Center for Innovative Technology (CIT), Herndon, Virginia, USA, has reported that CIT GAP Funds has invested in Metallum3D, Charlottesville, Virginia, USA, a developer of a web-based platform that provides metal Additive Manufacturing materials and services.
Established in 2016, Metallum3D reportedly plans to use the investment provided by CIT GAP Funds to expand product development, move to a larger office space, hire key staff, complete the beta launch of its flagship product and form partnerships with manufacturers. According to Metallum3D, there are significant limitations in the field of metal Additive Manufacturing, including low accessibility to services and the high cost of materials and manufacturing.
To address this, Metallum3D is developing a microwave densification process and proprietary metal filament for Fused Filament Fabrication (FFF) that reduces the overall part processing time by approximately 80%. Metallum3D’s patent pending filament is said to use non-hazardous polymers that are safe and environmentally friendly. Its filament materials include stainless steel 316L and tool steel H-13.
“Whether you are a business or individual that already owns and uses Fused Filament 3D printers, or are looking to implement metal 3D printing capabilities with no additional capital investment, we believe there should be more access to affordable metal 3D printing materials and services,” stated Nelson Zambrana, CEO of Metallum3D. “We are grateful for the support of CIT GAP Funds, whose investment will play an important role in our growth and disruption of the metal 3D printing industry.”
Thomas Weithman, Managing Director of CIT GAP Funds and Chief Investment Officer of MACH37, commented, “A lot of businesses do not have the funds to utilise current methods of metal 3D printing technology. Metallum3D is changing that narrative for businesses, big and small, by providing an affordable, accessible solution. CIT is excited to be a part of this mission, and we are certain that Metallum3D’s technology will meet many needs in the market.”
CIT GAP Funds is a family of seed- and early-stage investment funds which places equity investments in Virginia-based technology, life science, and clean technology, and has invested in over 200 early-stage companies. Since its 2005 formation, the group has invested $600 million in its portfolio companies.