Taastrup, Denmark — Danish 3D printed tooling equipment maker AddiFab raised $6.3 million to expand physically and geographically with a goal of tripling the number of systems it produces and increasing customer evaluation projects.
Private equity firm West Hill Capital led the investment round for the company, which introduced a manufacturing technique called Freeform Injection Molding (FIM) about two years ago.
In the last 18 months, FIM has been used to develop products for medical devices, personal protective equipment, automotive, packaging, consumer electronics, personalized prostheses and utility infrastructure.
However, instead of a part, the AddiFab machine creates a cavity insert. Processors inject into the insert and remove it with the finished component.
AddiFab says FIM combines the design freedom, low startup costs and short lead times of 3D printing with the scalability and material range of injection molding to improve the final product and get it to market faster and cheaper.
AddiFab teamed with Mitsubishi Chemical Corp. in 2019 to offer FIM as a rapid prototyping service in the United States, Europe and Japan.
According to its website, AddiFab worked on more than 250 customer projects in 2020 ranging from soft silicone implants to high-performance parts.
"Freeform Injection Molding is quickly gaining acceptance as the No. 1 3D printed tooling technology," AddiFab CEO and co-founder Lasse Staal said in a news release. "Superior design freedom and unconstrained selection of materials are key factors driving adoption among injection molders. With FIM in their toolbox, molders can reduce injection molded product times to market and costs to market, while at the same time raising the bar on innovation, customization and on-demand deliveries."
AddiFab's new headquarters, located near the Copenhagen airport, has room to grow and support customers, Staal said.
"Whether it be extensive feasibility studies, on-site R&D projects or deliveries of larger FIM system packages, we will be able to accommodate customer ambitions," he said.
Randy White, chief innovation officer for Mitsubishi Chemical Advanced Materials, expects a good return from the infusion of money.
"This investment allows the best prototyping technology in the industry to get even better with faster processing times and added capability to mold larger parts," White said in the release.
With fresh funding and a new headquarters, AddiFab is poised for rapid growth, Staal added.
"The last year has demonstrated the importance of resilient supply chains that are easy to reconfigure and fast to scale up," he said.