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Digital Alloys Nets $12.9M from Boeing, Lincoln Electric, G20 Ventures
Company also announces patents on Joule PrintingTM technology for high-speed metal additive manufacturing.
BURLINGTON, Mass.–Digital Alloys, Inc., provider of what it calls "the fastest way to make the hardest parts," reported it received a $12.9M Series B financing led by G20 Ventures and joined by Boeing HorizonX Ventures, Lincoln Electric, and prior investor Khosla Ventures.
Digital Alloys also announced two U.S. patents for its Joule PrintingTM metal additive manufacturing technology, a new process that uses wire feedstock and high deposition rates to print the hardest metal parts faster and at lower cost than other processes, the company said in a press release. Initial applications of the technology are reported to include the production of conformally cooled tools for the automotive and consumer products industries, and the delivery of high-quality titanium parts for the aerospace industry.
"When you look at the process required to produce practical hard metal parts using the much-hyped early generation of metal printing, what you find is a Rube Goldberg machine of complexity, touchy materials, and complex finishing steps," said Bill Wiberg, co-founder and partner of Boston-based G20 Ventures, in the release. "This great team has invented and now commercialized an entirely new approach that's both faster and cheaper to the point that–once you see it–you have to wonder why anyone would do it any other way."
Boeing believes it will benefit from Digital Alloys' technology as it continues to support additive manufacturing innovations, particularly for parts made from titanium and other hard metals.
"Our investment in Digital Alloys will further Boeing's ability to produce a higher volume of metal structural aerospace parts faster than ever before," said Brian Schettler, managing director of Boeing HorizonX Ventures, in a statement. "Through emerging additive manufacturing technologies, we aim to accelerate the design and manufacture of 3D-printed parts to transform production systems and products."
Tom Matthews, senior vice president, technology and research and development at Lincoln Electric, said Lincoln Electric's investment in Digital Alloys and Joule PrintingTM technology "extends Lincoln Electric's presence in metal-based additive manufacturing and helps advance development of value-added solutions in areas such as tooling and low-volume cast parts."
Duncan McCallum, CEO of Digital Alloys (www.digitalalloys.com), said that support from Boeing and Lincoln Electric will expand Digital Alloys' expertise, technology, and services. "We are committed to providing the products and services manufacturers need to take advantage of metal 3D printing in production. We will save customers time, money, and hassle by enabling great engineers to solve manufacturing problems in new ways. The next industrial revolution is here," he said.
Boeing HorizonX (www.boeing.com/horizonx) seeks to uncover and accelerate potentially transformative aerospace technologies, manufacturing innovations, and emerging business models. The company's investment portfolio includes startups specializing in autonomous systems, energy and data storage, advanced materials, augmented reality systems and software, machine learning, hybrid-electric and hypersonic propulsion, additive manufacturing, and Internet of Things connectivity.
Lincoln Electric (www.lincolnelectric.com) is a prominent designer, developer, and manufacturer of arc welding products, robotic arc welding systems, and plasma and oxy-fuel cutting equipment. The company, headquartered in Cleveland, Ohio, has a major global presence in the brazing and soldering alloys market.
G20 Ventures (www.g20vc.com) provides early traction capital for East Coast enterprise tech startups.
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