Sumitomo Corporation, through Sumitomo Corporation of Americas (SCOA) headquartered in New York City, New York, USA, has invested in Elementum 3D, Inc, Erie, Colorado, USA, via its series A funding.
Elementum holds a patent for a metal powder blended with ceramics that reportedly enables faster build speeds, stronger mechanical properties and a wider usage of metal grades that have not traditionally been suitable for Additive Manufacturing. It is believed that the investment will help expand the marketing and sales of Elementum’s proprietary powder solutions.
According to SCOA, it believes Elementum’s products have the potential to be utilised across several of the company’s business verticals, including steel, mineral resources, aerospace and tubular. It states that it is plausible that this technology could disrupt the current supply chain altogether, seeing Additive Manufacturing end-users working directly with Elementum rather than traditional raw materials manufacturers.
“This investment is an excellent complement to our growing portfolio in the Additive Manufacturing space,” stated Kazuaki Tsuda, Senior Vice President and General Manager, Steel and Non-Ferrous Metal Group at Sumitomo Corporation of Americas. “Elementum is pioneering new intelligence related to the raw materials supply chain in Additive Manufacturing, and we see abundant opportunity for these applications in the near future.”
Dr Jacob Nuechterlein, President at Elementum 3D, Inc., commented, “We are excited to have Sumitomo Corporation of Americas come on board as an investor. It speaks volumes that a company of this size and reach has such confidence in what we are creating. With this series A funding, we are eager to get our product further out into the marketplace and continue to grow our client base.”