Subjects: VEN, PLW
Digital Alloys Nets $12.9M from Boeing, Lincoln Electric, G20 Ventures
BURLINGTON, Mass., Aug. 7, 2018 /PRNewswire/ -- Digital Alloys, Inc., provider of the fastest way to make the hardest parts, today announced 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 US patents for its Joule Printingtm metal additive manufacturing technology, a radically simple new process that uses wire feedstock and high deposition rates to print the hardest metal parts faster and at lower cost than any other solution. Initial applications of the technology 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.
Bill Wiberg, co-founder and Partner of Boston-based G20 Ventures, said, "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. 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 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. "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, "Our 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."
"Support from Boeing and Lincoln Electric will expand our expertise, technology and services," said Duncan McCallum, CEO of Digital Alloys. "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."
About Digital Alloys
For manufacturers of hard metal parts, additive manufacturing with Digital Alloys' radically simple Joule Printingtm delivers the highest speed and lowest cost. The company is led by an experienced management team, and backed by Boeing, Lincoln Electric, Khosla Ventures, and G20 Ventures. For more information visit www.digitalalloys.com.
About Boeing HorizonX Ventures
Boeing HorizonX uncovers and accelerates potentially transformative aerospace technologies, manufacturing innovations and emerging business models. The Boeing HorizonX Ventures 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. Learn more at www.boeing.com/horizonx.
About Lincoln Electric
Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, robotic arc welding systems, plasma and oxy-fuel cutting equipment and has a leading global position in the brazing and soldering alloys market. Headquartered in Cleveland, Ohio, Lincoln has 63 manufacturing locations, including operations and joint ventures in 23 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information, visit www.lincolnelectric.com.
About G20 Ventures
G20 Ventures provides early traction capital for East Coast enterprise tech startups, backed by the power and expertise of 20 of the Northeast's most accomplished entrepreneurs. For more, visit www.g20vc.com.
Contacts:
Duncan McCallum, CEO
Digital Alloys, Inc.
[email protected]
SOURCE Digital Alloys
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