3YOURMIND Closes $12.4M in Latest Series A+ Funding Round
Software provider for additive manufacturing 3YOURMIND has raised $12.4 million in funding following the closing of its series A+ round in April 2021. The US-German startup dedicated to optimizing and automating the 3D printing workflow will use the new capital to advance end-to-end production processes digitization. The financing round was led by LBBW VC, the venture capital arm of German universal bank Landesbank Baden-Württemberg, and Verve Ventures, a firm backed by Switzerland’s third-largest bank, Zürcher Kantonalbank; with additional participation from existing investors UVC Partners, TRUMPF Venture, and AM Ventures.
The Berlin-based company has raised more than $32 million in funding so far over six rounds. The new investors will provide access to a deep network of potential partnerships. At the same time, the funding magnifies the previous Series A round of investment completed in September 2020 with German firm EnBW New Ventures. According to 3YOURMIND Co-founder Stephan Kühr, the investment made by EnBW New Ventures supports the business’s growth in the energy sector while the latest financing will encourage further investment towards building what he calls a “Digital Qualified Inventory.” Kühr hopes to secure 3YOURMIND’s leadership in part identification and digitization of additive manufacturing (AM) processes and expand the business internationally.
3YOURMIND first launched its online marketplace for professional 3D printing services in 2014. The platform streamlined access to validated 3D printing bureaus for engineers. It was followed by the launch of its first software for 3D printing. The Agile Manufacturing Execution System (MES) was designed to enable automated solutions for manufacturing, adding transparency and speeding up production information flow.
Today, 3YOURMIND’s customers include German railway company Deutsche Bahn, French additive technologies provider Erpro, engineering multinational Bosch, and many international companies operating in aerospace, defense, automotive, and healthcare. For Co-founder Aleksander Ciszek, producing parts on demand is a crucial advantage for companies who wish to control their production value chain. Thanks to the latest investment, Ciszek hopes the business will further support customers who wish to implement additive technologies into their production processes. In fact, he believes that the ongoing COVID-19 pandemic has made all market players aware of the urgency to continue optimizing AM processes.
The pandemic has highlighted the need for decentralized manufacturing practices. A survey conducted by Ernst & Young suggests many companies have already gained initial experience in 3D printing or have identified and exploited specific application opportunities for additive manufacturing, particularly in the automotive, energy, and healthcare industries the spread of AM is steadily advancing. Furthermore, 3YOURMIND informed that the global market for AM had increased six-fold within the past decade with no signs of slowing down.
Traditional supply chains are being re-evaluated, and the concept of distributed manufacturing has become a priority for many original equipment manufacturers (OEMs), explained Ciszek. Producing parts on demand is a significant advantage for companies who wish to become more self-reliant and less dependent on overseas vendors. As a result, he anticipates 3YOURMIND will provide a powerful solution that identifies the most impactful parts and optimizes the workflow for maximum efficiency.
Driven to increase adoption and widespread access to 3D printing technologies and materials, 3YOURMIND has designed what it hopes will be the future core of responsive, automated manufacturing. Its sophisticated software suite can identify AM-ready parts, optimize processes, and aggregate data that reduces costs and lead times, providing the foundations for a seamless end-to-end process to maintain the greatest level of efficiency possible. According to the startup, its product suite standardizes every aspect of the AM supply chain, from analyzing historical part data to efficient order management to optimal production scheduling.
With software tools that could allow for up to 40% cost savings and 18% shorter lead times, 3YOURMIND wants to become an innovative partner for companies planning to introduce AM or already using it in its manufacturing processes. Kühr said that modern, agile manufacturing characterized by flexible, automated, and decentralized production is only made possible through intelligent software tools. As the next generation of industrialization is at an early stage, 3YOURMIND is determined to be one of the companies defining the future of manufacturing.
via 3DPrint.com | The Voice of 3D Printing / Additive Manufacturing https://3dprint.com
May 3, 2021 at 07:37AM