- Fortify – a Boston-based additive manufacturing company – announced that it has raised a $ 20 million equity round. These are the details.
Fortify – a Boston-based additive manufacturing company – announced that it has initiated a Cota Capital-led $ 20 million equity round with additional participation from Accel Partners, Neotribe Ventures and Prelude Ventures. This round of capital is expected to fuel team growth, accelerate expansion in high value application areas and move to mass production of the Flux series 3D printers.
Fortify changed the 3D printing industry with its patented DCM (Digital Composite Manufacturing) platform. With the introduction of functional additives in photopolymers, DCM offers a new level of additively manufactured parts performance. By combining a deep understanding of materials science with high performance mixing, magnetics and polymer physics, Fortify is able to create custom microstructures in high resolution 3D printed parts.
Currently, the company is focused on applications ranging from injection molding tools to high-performance end-use parts with unique mechanical and electromagnetic properties. Fortify technology was introduced in 2016 and is based in Boston. It enables material properties and components that cannot be achieved with other additive or traditional manufacturing processes.
By identifying a need for better material properties in 3D printing, Fortify invented Digital Composite Manufacturing (DCM), which combines proprietary mixing and magnetic alignment systems with digital light processing (DLP) to create composite parts with optimized mechanical, thermal, and electromagnetic properties manufacture properties. The hardware in combination with software, material development and processing competence opens up new possibilities for additive manufacturing by optimizing the material properties for certain applications.
The team had grown steadily over the past 18 months. Most notable employees included Paul Dresens, VP of Engineering (formerly Desktop Metal) and Advisor Rob Stevens (formerly GrabCad and Stratasys). This round of funding will be used to reduce time to market for several high quality strategy development programs between Fortify and its key partners.
Fortify had already announced partnerships with Henkel, DSM and Tethon3D and will make further announcements in the course of 2021.
“The additive manufacturing market is growing rapidly and we believe Fortify is unleashing one of the main barriers to growth in the industry: advanced materials. We’re excited to partner with and support the company as they keep redefining advanced manufacturing. “
– Bobby Yazdani, Founder and Partner at Cota Capital
“For the past 18 months or more, Fortify has focused on proving the viability of our product and market opportunities, and has exceeded our targets set at the beginning of 2020. This next round will bring our go-to-market position in key industries such as injection molding tools and allow us to gain market share in electronic devices. “
– Josh Martin, CEO and Co-Founder of Fortify