Magnus Metal, a high-volume digital casting for metal alloys, announced it has raised $74 million in Series B funding, co-led by Entrée Capital and Target Global with additional participation from Caterpillar Ventures, Tal Ventures, Deep Insight Ventures, Awz Ventures, Lumir Ventures, Discount Capital, Lip Ventures, Cresson Management, Next Gear Fund and Essentia Venture Capital. Magnus Metal will use the latest funding round to advance its innovative casting technologies while expanding its operations locally and globally to support its Fortune 100 customers.
Magnus Metal has built Digital Casting, which combines the benefits of Additive Manufacturing (AM) and traditional casting while avoiding the typically associated deficiencies – this enables a streamlined supply chain, digital inventory, and remote manufacturing hubs.
Magnus Metal innovates the centuries-old metal casting industry by offering an Industry 4.0-based fully automatic manufacturing solution that makes the process faster, safer, and environmentally friendly while improving quality and reducing cost. Magnus Metal is the first and only additive manufacturing technology that utilizes the customer’s current metal raw material, providing huge benefits in the adoption rate.
Digital Casting technology combines the benefits of additive manufacturing and traditional casting while avoiding the typical associated deficiencies. It enables a streamlined and flat supply chain, digital inventory, and remote manufacturing hubs without the need for a traditional foundry infrastructure.
Magnus Metal’s Digital Casting solution—which utilizes Industry 4.0 standards—leads to vastly improved safety, sustainability, and financial outcomes. The company’s data-driven process results in marked efficiencies, requiring 40% to 60% less raw material, significantly lowering the overarching cost, and decreasing the burden on natural resources. Removing traditional tooling means time savings of 6-18 weeks while producing lower defectivity and 10-20% stronger parts than the conventional alternative.
Magnus Metal’s process enables up to 1 ton of solid metals to be manufactured in a fully controlled environment, customized and crafted within their purpose-built, standalone platform, enabling a production lifecycle that depends on less material, manpower, and time. And Magnus Metal is the only additive manufacturing company that meets the American Society for Testing and Materials standards for iron. Through Magnus Metal, the design-to-manufacturing cycle is shortened, raw materials are efficiently used, and quality control is improved.
KEY QUOTES:
“Magnus Metal’s technology is at the forefront of the digital casting revolution in metal production, forging transformations in sustainability, flexibility of design processes and massively reducing the time spent in development. We remain faithful to the industry’s 4000 years of tradition, while reimagining and refashioning how metals parts are produced for modern purposes. We are excited to bring our unique capital equipment, industry 4.0 environmentally friendly, advanced processes and digital knowhow and apply them to the metal casting process, driving it into a new digital era.”
– Boaz Vinogradov, CEO of Magnus Metal
“We co-led this investment based on customers’ demand for Magnus Metal’s solution in order to on-shore production lines to overcome supply chain and quality issues. Digital Casting is the only technology that allows reduction of production cost, meeting environmental regulation, meeting and surpassing quality standards and increase business agility with shortened delivery time and increased customization. It is the only solution that doesn’t require new engineering and design as it digitally casts parts using the current customer’s raw materials.”
– Ran Achituv from Entrée Capital
