Wayland Additive raises £4.2 million to expand operations and in-house production
January 23, 2024
Wayland Additive, based in Huddersfield, UK, has successfully secured £4.2 million in funding to expand operations following a successful year of operations.
Wayland designs, develops, makes and sells industrial Electron Beam Powder Fusion (PBF-EB) Additive Manufacturing machines. This latest funding round – led by the UK’s leading investor into university spinouts, Parkwalk Advisors – will enable the company to expand its manufacturing capabilities, further scaling up its operations and expanding its global customer base.
“Wayland has grown exponentially over the past year, with this latest raise representing a major milestone for our business as we continue to seek additional funding over the coming year,” stated Will Richardson, CEO of Wayland. “After a successful 2023, we’re setting our sights on further developing our in-house production capacity and increasing our global customer base to enable more sectors to benefit from our cutting-edge election beam printing technology.”
This funding comes after Wayland Additive rolled out its technology to a range of buyers across different sectors, including aerospace, mining, engineering, medical, motorsport, military, and defence. Customers include Exergy Solutions in Canada and a recent installation in Europe. The company’s operations currently occur across North America and Europe.
Parkwalk Advisors, which has supported Wayland since 2021, invested £2 million as part of this round, which also included long-term backer Longwell Ventures with a total of £4.2 million already raised in the round. This funding round will remain open, with a target of £10 million. It follows a £4.6 million oversubscribed Series A funding round in April 2023, building on previous funding successes.
Martin Glen, Investment Director of Parkwalk Advisors, shared, “We are proud to be playing a leading role in growing Wayland Additive as it continues its journey to scale up its operations. Wayland is a prime example of a university spinout driving real positive change by deploying unique, cutting-edge technology to a range of sectors and challenges. We’re excited to see the company grow further.”
