A Melbourne startup tackling the tricky task of ensuring the quality of 3D printing for aerospace, defence and cutting edge manufacturing, has raised $4.1 million in VC funding.
Additive Assurance, which spun out of Monash University in 2019, provides quality assurance for additive manufacturing, and is now looking to expand offshore
The round was led by Significant Capital Ventures (SCV), supported by superannuation fund Hostplus, alongside existing shareholders IP Group Australia and Monash Investment Holdings.
Cofounder and CEO Marten Jurg said the capital will support growth initiatives, including the establishment of an Additive Manufacturing quality assurance centre of excellence at its Melbourne headquarters, and the expansion of R&D and international business development teams.
“We are delighted to receive the support of SCV and existing investors to underpin our continued expansion,” he said.
“This investment further validates the transformative growth opportunity presented by additive manufacturing, our technological advantage in providing quality assurance and our continued market momentum.”
Additive Assurance has developed AMiRIS, a world-leading solution for quality assurance of 3D-printed metal parts, based on technology originally developed at Monash University. AMiRIS allows manufacturers to ensure the structural integrity of components as they are being made and correct any anomalies when they occur.
The company already works with leading global customers in the aerospace and advanced manufacturing industries to enable the use of 3D-printed parts in serial production.
SCV CEO Fiona Hindmarsh said Additive Assurance brings “an exceptional technology innovation to market and solving a critical pain point for high value additive manufacturing” globally.
“In a world where supply chain control and quality is going to become increasingly important, Additive Assurance has the opportunity to be adopted on a global scale, reducing time, cost and waste across the industry value chain,” she said.
SCV investment manager Grace Dolan is joining the company’s board.
IP Group Australia MD Michael Molinari said: “Additive Assurance is making great progress on its mission to ensure additive manufacturing is accessible to users everywhere. We are proud to continue supporting Marten and the team as they build a world-leading advanced manufacturing business in Australia.”