- Skokie, Illinois-based 3D printing startup Azul3D announced that it raised $12.5 million in an oversubscribed seed round of funding
Skokie, Illinois-based 3D printing startup Azul3D announced that it raised $12.5 million in an oversubscribed seed round of funding. With this round of funding, Azul 3D is going to advance its proprietary high-area rapid printing (HARP) technology and launch its first commercial printers.
In connection with the funding, Azul 3D added several new key backers to its growing investor pool, including:
– Louis A. Simpson, former CIO for Geico, former manager of Berkshire Hathaway and founder of SQ Advisors
– Wally Loewenbaum, former chairperson of 3D Systems
– Joe Allison, former CEO of Stratasys Direct Manufacturing
– Hugh Evans, former senior vice president of corporate development for 3D Systems
HARP’s throughput enables Azul to substantially lower the upfront and sustained costs in the manufacturing of goods, spanning many sectors. And during the COVID-19 pandemic, one of the company’s subsidiaries demonstrated such capabilities using its instrumentation to print personal protective equipment (PPE) for hospitals, prisons, first responders, and members of the Navajo Nation.
With HARP, the Azul 3D team is now producing medical face shields at a record rate of 1,000 components per printer in a 12-hour shift.
KEY QUOTES:
“Investors recognize the paradigm shifting and disruptive nature of Azul’s proprietary HARP 3D printing technology.”
“The company intends to secure major partnerships validating this point in the very near future.”
— Chad Mirkin, Azul 3D cofounder and chair.
“One of the reasons we’re doing so well is because our technology offers a solution to unexpected surges in demand and supply-chain bottlenecks that occur during global crises, such as in the current pandemic. With the ability to manufacture nearly anything quickly and on demand, we can meet these unexpected needs as they arise to quickly fill gaps in the supply chain. That’s the big difference between HARP and traditional manufacturing as well as many other forms of 3D printing, which either don’t have the throughput or material properties to meet the required specifications. We don’t have to change a whole assembly line or machine new molds. The concerns that accompany a stressed supply chain simply vanish.”
— David Walker, Azul 3D cofounder and chief technology officer
