Alloyed
Alloyed has completed a £37m Series B funding round, with two Japanese investors leading the contributions.
The investment will be harnessed to support the expansion of the company's manufacturing facilities in Abingdon, UK, and Seattle, USA, with the development of digital platforms for the design and processing of improved alloys and parts also set to be accelerated.
SPARX and the Development Bank of Japan led the round, with participation from Aviva Investors and German-based Future Industry Ventures (a Redstone and SBI fund). These organisations have joined existing investors Oxford Science Enterprises, JX Advanced Metals, and Anglo American plc, in backing Alloyed.
Alloyed span out of Oxford University in 2017 to design and manufacture advanced metallic alloys for additive manufacturing. It has since obtained the custom of Boeing, Microsoft, Anglo American and BMW, with applications of its technology including lightweight antennas, structural components for satellites, high-temperature-resistant alloys for jet engines, precision parts for jewellery, wearables such as virtual reality headsets, and smartwatches.
Read more | Alloyed CEO Michael Holmes: 'The destination is the right material for the right application'
The company believes that new high-performance metallic alloys will have a significant role to play in 'future industries and the energy transition', with this latest round of investment sought to better position Alloyed to take advantage.
“After 5,000 years, metal remains the material of choice for the toughest jobs, and our mission is to harness our digital platforms to make metal components lighter, stronger, and more precise, all while reducing costs and maximising sustainability,” Michael Holmes, CEO of Alloyed, said. “We’re excited to welcome this exceptional group of new investors, enabling us to accelerate investment in our digital tools and expand our certified production facilities both in the UK and the US. Automated design and manufacturing is an industry where the UK, with our expertise in materials science and world class engineering capability, has the potential to lead on the global stage and Alloyed is at the forefront of this transformation.”
Takaki Demichi, Director and Head of Investment for Next-Generation Growth Division at SPARX Asset Management, added: “Additive manufacture has great promise for the energy transition and future products across a range of industries, but has been held back by a range of engineering challenges which we believe are directly addressed by Alloyed’s materials, processing, design, and production technologies and its highly data-driven approach.”
Yuki Takemori, General Manager of Innovation Promotion Office at Development Bank of Japan, offered: “Our team recognises the value of companies with their roots in academia. Alloyed is at the forefront of innovation in the manufacturing sector and a natural partner for us. Japan has a well-established ecosystem of small and medium-sized manufacturing enterprises in alloy production and our collaboration with Alloyed will enhance the sector even further. With this new partnership, we will create a model case for commercialising technology - cultivated in one of the world’s leading academic institutions.”
