US-based company Digital Alloys has raised funding in a Series B financing round to further support the production of parts for use in aerospace and other sectors using 3D printing or additive manufacturing technology.
The $12.9m financing round was led by G20 Ventures, which was joined by Boeing HorizonX Ventures, Lincoln Electric, and existing investor Khosla Ventures.
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Digital Alloys’s Joule Printing metal additive manufacturing technology uses wire feedstock and high deposition rates to print metal parts more quickly and at a lower cost.
The technology enables hard metals such as titanium and high-temperature alloys to be 3D-printed for parts that could be used for various aerospace applications.
It can also produce conformally cooled tools for the automotive and consumer product industries.
G20 Ventures co-founder and partner Bill Wiberg said: “When you look at the process required to produce practical hard metal parts using the much-hyped early generation of metal printing, what you find is a Rube Goldberg machine of complexity, touchy materials, and complex finishing steps.
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By GlobalData“This great team has invented and now commercialised an entirely new approach that’s both faster and cheaper to the point that – once you see it – you have to wonder why anyone would do it any other way.”
Boeing has already been using 3D-printed parts to reduce the cost and time required to design, build and deliver its products to customers.
The company has so far used more than 60,000 3D-printed parts in its space, commercial and defence products.
Boeing HorizonX Ventures managing director Brian Schettler said: “Our investment in Digital Alloys will further Boeing’s ability to produce a higher volume of metal structural aerospace parts faster than ever before.
“Through emerging additive manufacturing technologies, we aim to accelerate the design and manufacture of 3D-printed parts to transform production systems and products.”
Boeing HorizonX is primarily focused on speeding up potentially transformative aerospace technologies, manufacturing innovations and emerging business models.
