Fictiv
Fictiv rubber like material
Digital manufacturer Fictiv has raised $35m in a Series D round of funding that included contributions from Honeywell and Microsoft founder Bill Gates.
The round was led by 40 North Ventures, with Sumitomo Mitsui Banking Corp, Adit Ventures, M20 and Honeywell participating alongside previous investors like Accel, G2VP and Gates.
Brining the company’s total investment up to $92m, the Series D investment will be harnessed to advance its cloud-based platform technology, with further investments being made into supply chain operations and network infrastructure.
Fictiv, with its CNC machining, urethane casting, injection moulding and 3D printing capacity, has so far manufactured more than 12 million parts for its customers across a range of sectors. Serving companies in the medical, aerospace and automotive fields, among others, the company has bet big on the use of machine learning technology to provide manufacturability feedback, sought to provide instant quotes and feedback for design files, and has established a global network of manufacturers with a range of technologies to be able to meet a variety of needs. Last year, it partnered with Jabil to access the contract manufacturer’s 3D printing capacity, while also implementing transparency tools to give customers greater insights into Fictiv’s production workflows.
The company harnessed this suite of technical capabilities to more than double its revenue for CNC machining and 3D printing services last year, and as it stepped into 2021, has managed to procure a further $35m to further advance its offering to the manufacturing sector.
“The challenges of the past year have demonstrated the value of a digital approach to manufacturing and Fictiv’s ability to support partners’ needs despite unprecedented disruption,” commented Fictiv CEO Dave Evans. “We are thrilled to welcome these new investors as we rapidly accelerate growth to meet the increasing demand for our quality-driven approach to on-demand manufacturing.”
“There is an immense opportunity for digital transformation in the manufacturing sector,” added Kamal Vasagiri, Director of Venture Capital Investments at Honeywell. “Fictiv’s traction with enterprise companies like Honeywell, combined with the potential for scale inherent in their digital ecosystem model, gives us confidence that Fictiv is truly building the future of manufacturing.”
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