3YOURMIND raises $12.4 million in continued funding round
April 23, 2021
Additive Manufacturing software provider 3YOURMIND, Berlin, Germany, has successfully closed a new Series A+ financing round with prominent European investors LBBW VC and Verve Ventures, bringing with them access to a deep network of potential partnerships.
LBBW VC is the venture capital arm of Landesbank Baden-Württemberg, which is strategically focused on supporting highly-innovative companies with scalable B2B business models in emerging markets. Verve Ventures, located in Switzerland, is one of the leading European investors with extensive reach to new market opportunities enabled by their digital venture capital platform.
This news magnifies the first round of investment previously completed with German investor EnBW New Ventures, which culminated in September 2020 worth $5.5 million. This expanded financing round accumulates to a total of $12.4 million. Existing investors UVC Partners, TRUMPF Venture and AM Ventures also participated in this financing round.
“The original investment made by EnBW New Ventures supports 3YOURMIND’s growth in the energy sector while the latest investment enables the company to further invest in building a Digital Qualified Inventory,” stated Stephan Kühr, 3YOURMIND co-founder. “We want to secure our technology leadership in part identification and digitization of AM processes and expand our business internationally.”
3YOURMIND’s customers include Deutsche Bahn, Erpro, Bosch, and other international companies operating in aerospace, defence, automotive and the medical industries.
“The ability to produce parts on demand is a crucial advantage for companies who wish to control their production value chain,” commented Aleksander Ciszek, fellow co-founder. “With this investment, we will extend our international footprint and further support our customers who wish to implement additive technologies into their production process.”
Pandemic highlights the need for distributed manufacturing
The global market for AM has increased six-fold within the past decade with no signs of slowing down. According to a survey conducted by Ernst & Young, many companies have already gained initial experience in AM or have identified and exploited specific application opportunities for the technology. In the automotive, energy and healthcare industries, in particular, this growth shows no intention of stopping explains 3YOURMIND.
“The ongoing Corona pandemic has made all market players aware of the urgency to continue optimising AM processes,” continued Ciszek. Traditional supply chains are being re-evaluated and the concept of distributed manufacturing has become a priority for many OEMs. “The ability to produce parts on demand is a significant advantage for companies who wish to become more self-reliant and less dependent on overseas vendors.”
The international pandemic has exacerbated the gaps and weaknesses in the conventional supply chain. Many industries are contemplating their transitional plans and wondering, what’s next?
“Modern, agile manufacturing characterised by flexible, automated and decentralised production is only made possible through intelligent software tools,” addedKühr. “The next generation of industrialisation is at an early stage, and 3YOURMIND is determined to define the future of manufacturing.”
