Mantle, an Additive Manufacturing startup based in San Francisco, California, USA, has announced that its Series B financing totalled $25 million, bringing the total amount raised by the company to $41.5 million. The financing round was led by Fine Structure Ventures and existing investors Foundation Capital, Hypertherm Ventures, Future Shape, 11.2 Capital, and Corazon Capital also joined this second funding round.
“Fine Structure Ventures sees that a digital transformation is happening in the manufacturing industry,” stated Shyam Kamadolli, Managing Director at Fine Structure Ventures. “Mantle is helping manufacturers redefine how they bring products to market by reducing lead times and costs while implementing more digital, flexible, and local supply chains. We are impressed by the value that Mantle’s early customers have realised, and look forward to supporting Mantle’s expected growth.”
Mantle also announced that its manufacturing customers have reported continued success as over one million end-use parts – ranging from deodorant packaging to medical devices to dishwasher components – have now been produced with tool components made from Mantle’s technology. Unlike other Additive Manufacturing technologies that can struggle to produce high-volume end-use parts directly, Mantle has chosen to focus on additively manufacturing the tools used to make these end-use parts.
Traditionally, these tools have been time consuming and expensive to make, representing a bottleneck in manufacturers’ product launch schedules. Mantle’s combination of accuracy, surface finish, and multiple tool steel materials has allowed manufacturers to meet tooling needs while reducing lead times and costs, thereby shaving months off lengthy, costly hardware development cycles.
”Most of the products we use everyday are manufactured using the types of tools that Mantle prints,” stated Ted Sorom, Mantle CEO and co-founder. “Our investors and customers are excited about the evolutionary and revolutionary nature of Mantle’s unique approach. Mantle allows companies to evolve with the manufacturing processes, materials, and supply chains they know and trust while realising a revolutionary improvement in tooling lead time and cost.”
Recently, a multinational medical device manufacturer reported the successful reduction of the lead time for a prototype tool from twelve weeks to four weeks at cost reduction over 65% using Mantle’s additively manufactured tooling components. The AM mould components met the manufacturer’s strict accuracy and surface finish requirements, and all moulded parts met the requirements for dimensional accuracy and mechanical properties.
“Mantle has demonstrated tremendous progress in addressing the $45 billion tooling market,” added Steve Vassallo, General Partner at Foundation Capital. “They are consistently proving that they can help manufacturers reduce time and cost from their tooling programmes. We believe that our further investment in the company will help bring Mantle’s precision metal 3D printing technology to a market that has desperately needed this innovation.”
Mantle intends to use the new financing to increase its hardware, software, materials science, and manufacturing teams to accelerate the development and installation of its first commercial systems in early 2022.