Texas-based Essentium announced today that it has raised $22.2 million to continue expansion of its 3D printing solutions as industrial and manufacturing customers embrace new forms of production.
So-called “additive manufacturing,” or 3D printing for industry, is increasingly popular as the variety of materials expands and printers become more robust and flexible. The ability to print parts or whole products on demand has the potential to reinvent manufacturing across a wide range of industries.
“Industrial additive manufacturing is ripe for transformation,” said Essentium cofounder and CEO Blake Teipel in a statement.
Essentium sells 3D printers, but it also develops materials for manufacturing and the software to manage the process. The company recently introduced its new High Speed Extrusion (HSE) Platform.
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The round was led by BASF Venture Capital, with additional investment from Materialise, Genesis Park, and previous seed round investors. The company says the new investment will be used to “scale manufacturing, engineering, international distribution, sales and marketing operations to meet market demand.”
