Additive Assurance, Melbourne, Australia, has announced the successful completion of a $4.1 million funding round as it pushes forward with its international expansion plan. This new investment is intended to support growth initiatives, including the establishment of an Additive Manufacturing quality assurance centre of excellence at its headquarters, and the expansion of research & development and international business development teams.
The round was led by Significant Capital Ventures (SCV) and supported by Hostplus alongside existing shareholders IP Group Australia and Monash Investment Holdings.
“We are delighted to receive the support of SCV and existing investors to underpin our continued expansion,” stated Marten Jurg, co-founder and CEO of Additive Assurance. “This investment further validates the transformative growth opportunity presented by Additive Manufacturing, our technological advantage in providing quality assurance, and our continued market momentum.”
Additive Assurance is the developer of AMiRIS, a quality assurance solution for of additively manufactured metal parts, based on technology originally developed at Monash University. AMiRIS allows manufacturers to ensure the structural integrity of components as they are being made and correct any anomalies when they occur. The company is currently working with leading global customers in the aerospace and advanced manufacturing industries to better enable the use of AM parts in serial production.
“The team at Additive Assurance is bringing an exceptional technology innovation to market and solving a critical pain point for high-value Additive Manufacturing,” added Fiona Hindmarsh, CEO of SCV. “In a world where supply chain control and quality is going to become increasingly important, Additive Assurance has the opportunity to be adopted on a global scale, reducing time, cost and waste across the industry value chain.”
Michael Molinari, Managing Director of IP Group Australia, concluded, “Additive Assurance is making great progress on its mission to ensure Additive Manufacturing is accessible to users everywhere. We are proud to continue supporting Marten and the team as they build a world-leading advanced manufacturing business in Australia.”