Alloy Enterprises, a metal additive manufacturing parts supplier, recently raised $26 million in a Series A funding round led by Piva Capital to boost the production of their aluminium parts.
Other investors included Unless, Flybridge Capital, MassMutual Catalyst Fund, Robert Downey Jr.'s Footprint Coalition, Congruent Ventures, and Riot Ventures. The oversubscribed funding round brings Alloy Enterprise's total raised funding to $37 million.
Alloy Enterprises was founded in early 2020 to bridge the demand for complex aluminium components and the supply within the United States. The company has developed a novel additive manufacturing system that is specially designed for aluminium but does not use aluminium powder. Using a combination of laser cutting and diffusion bonding, the company can produce production volumes cost-effectively while maintaining the advantages of 3D printing. Its novel feedstock is already scaled and produced in 10-ton runs.
Thanks to this investment, Alloy Enterprises plans to deliver production volume parts this summer as it scales its manufacturing capacity. The company is actively working with customers to evaluate and improve new applications. Additionally, it will explore enhancements in automation and software while expanding its team.
The co-founder and CEO of Alloy Enterprises, Ali Forsyth, boasted: "We have an incredible team with the ability to continuously solve hard R&D challenges while staying focused on the customer's needs. We went from invention to commercial sales in less than two years. With this sizeable fundraiser, we've added great partners to the table to help us take Alloy to the next level."
"We've made rapid progress and have garnered Fortune 100 manufacturing customers in three major market verticals: automotive, industrial and heavy equipment. We've proven our manufacturing process and are already qualifying customer production parts. We will use this funding to ramp production capacity, further develop our software suite, and apply next-gen automation. We're open for business and scaling rapidly, including hiring across the board in sales, marketing, applications, software, operations, and manufacturing," he added.
Partner at Unless, and Former Special Assistant to the President for Manufacturing at the National Economic Council, Liz Reynolds, stated: "Alloy is poised to transform key industries at a critical time for companies concerned with building more resilient supply chains and reducing their carbon footprint. We are at the beginning of an industrial transformation in which the country is reindustrialising. Alloy's unique technology will help companies accelerate through this transformation."
The company's technology is in high demand, especially in sectors such as e-mobility, where there is a need for recyclable materials like aluminium. The company's innovative technology allows its customer base to scale to production volumes, and it also digitises inventory while providing quick design iteration.
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