A Melbourne startup tackling the daunting task of ensuring the quality of 3D printing for aerospace, defense and advanced manufacturing has raised $4.1 million in VC funding.
Additive Assurance, which emerged from Monash University in 2019, offers quality assurance for additive manufacturing, and now looking to expand offshore
The round was led by Significant Capital Ventures (SCV), backed by pension fund Hostplus, along with existing shareholders IP Group Australia and Monash Investment Holdings.
Co-founder and CEO Marten Jurg said the capital will support growth initiatives, including the establishment of an additive manufacturing quality assurance center at its Melbourne headquarters, and the expansion of R&D and international business development teams.
“We are pleased to receive the support of SCV and existing investors to support 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 quality assurance solution for 3D printed metal parts, based on technology originally developed at Monash University. With AMiRIS, manufacturers can ensure the structural integrity of components as they are made and correct any anomalies as they occur.
The company is already working with leading global customers in the aerospace and advanced manufacturing industries to enable the use of 3D printed parts in series production.
SVC CEO Fiona Hindmarsh said Additive Assurance brings “an exceptional technological innovation to market globally and solves a critical pain point for high performance additive manufacturing”.
“In a world where supply chain control and quality are becoming increasingly important, Additive Assurance has the potential to be applied on a global scale, reducing time, cost and waste throughout the industry value chain,” she said.
SCV investment manager Grace Dolan joins the company’s board.
Michael Molinari, Managing Director of IP Group Australia, said: “Additive Assurance is making great strides in its mission to ensure that additive manufacturing is accessible to users everywhere. We are proud to continue to support Marten and the team in building a world leading advanced manufacturing company in Australia.”