Additive Assurance closes $1.6 million funding round
July 30, 2020
Additive Assurance, Melbourne, Australia, has closed a AU$1.6 million funding round led by intellectual property commercialisation company IP Group Australia. The new funding is expected to support a significant expansion of the company’s team, following its Accelerating Commercialisation project and a successful customer evaluation programme.
Additive Assurance is a spin-out of Australia’s Monash University, specialising in quality assurance for metal Additive Manufacturing. Its unique method of quality assurance for AM is being rolled out across multiple industries, where it reportedly enables manufacturers to ensure the structural integrity of components as they are being made and correct for anomalies when they occur.
This allows AM to be used in performance-critical fields such as aerospace and medical, drastically reducing the cost of component certification, and enabling manufacturing at the location of need.
“In this time of COVID-19, the need for robust supply chains has never been more important,” stated Michael Molinari, Managing Director of IP Group Australia. “Additive Assurance has developed a technology that unlocks the potential of metal 3D printing, and we’re excited to be supporting their growth.”
Additive Assurance further announced that it has appointed Jürgen Schneider as a non-executive director. Schneider brings extensive expertise to the board from his previous role as Head of Market Development at Siemens Australia, among several other leadership roles.
Enabling technologies such as Additive Assurance’s QA solution will allow industry to build sovereign manufacturing capacity,” added Schneider. “I look forward to working with the team to bring their unique product to market.”
The company also announced the recent sale of a pre-production system to the Defence Science and Technology Group within the Australian Department of Defence. “We’re delighted to be working with the DST Group,” commented Marten Jurg, Additive Assurance’s CEO. “DST is pushing the boundaries of advanced manufacturing and we are pleased to be a part of that mission.”
