Fortify Completes Equity Round
The Boston-based inventor of the Digital Composite Manufacturing (DCM) additive manufacturing technology secured $20 million in funding.
Fortify, the Boston-based additive manufacturing startup, closed a $20 million equity round on March 18. The Series B funding was lead Cota Capital with participation from Accel Partners, Neotribe Ventures and Prelude Ventures. Series B funding is a second round investment generation event typically taking place after a company has achieved specific milestones and is moving past the startup phase. In a release, Fortify said this round of capital will “fuel team growth, accelerate expansion in high-value application spaces, and transition to volume manufacturing of the Flux Series 3D printers.”
More specifically, the company said this latest round will be used to accelerate time to market on several material development programs between Fortify and its material partners. Fortify has previously announced material development collaborations with Henkel, DSM and Tethon3D, with additional announcements to come over the course of 2021, according to the company.
Digital Composite Manufacturing (DCM) combines proprietary systems for mixing and magnetic alignment with digital light processing (DLP) to produce composite parts with optimized mechanical, thermal and electromagnetic properties. In addition to the machine, Fortify says its software, materials development and processing expertise are opening up new additive manufacturing opportunities.
Since going to market in 2019, Fortify has built out its staff, hiring Paul Dresens, formerly of Desktop Metal, as its VP of Engineering and Rob Stevens, formerly of GrabCad and Stratasys, as an advisor. In the same release, Fortify CEO and cofounder Josh Martin said the company had exceeded goals set at the start of 2020 and that it would use the new funds to expand its go-to-market footprint in key verticals like injection mold tooling and also capture market share in end-use electronic devices.
Additive manufacturing technology supplier Fortify completed Series B funding, raising $20 million.
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