Axtra3D
After signing the contract for the investment round: The management and team members of the HZG Group and Axtra3D in front of the first three Lumia X1 3D printers
Axtra3D has successfully closed its Series A financing round of 6.25 million USD. The lead investor is HZG Group, led by Kerstin and Frank Carsten Herzog.
Steve Grundahl, founder and President of Midwest Prototyping and current VP of Additive Manufacturing for Prototek, participated in the round as a strategic partner.
With the new capital, Axtra3D aims to build processes and supply chains for the upcoming market entry as well as attract new talent to its offices in Italy and the US.
Based on patented technologies developed by founder and CEO Gianni Zitelli, Axtra3D will launch its new Lumia X1 3D printer. According to the company, the new system combines Stereolithography and Digital Light Processing. The company claims that in terms of speed, resolution, print area and surface quality, the Lumia X1 surpasses the printing processes that have been industry standard for decades.
Gianni Zitelli said: “Our Lumia X1 is precise as well as fast. In one device, that has not existed before. The basis for this success is the company’s own Hybrid PhotoSynthesis (HPS) technology.”
Zitelli added: “This financing round is the next big step for us. Since our founding, we have developed and manufactured a ground-breaking product for additive manufacturing in just nine months, which will now be made available to customers on a larger scale. With the HZG Group of Kerstin and Frank Carsten Herzog, we have a financially strong investor on our side, who also bring in their proven expertise in establishing completely new processes in the industry.”
Frank Carsten Herzog, founder and managing director of HZG Group said: “Axtra3D’s technical developments are absolutely impressive. Gianni Zitelli’s team is setting the right priorities to optimally master the steep road to breakthrough. And we look forward to actively supporting them in all the steps ahead.”
Dr Florian Bechmann, Chief Technology Officer of HZG Group, said: “With the Lumia X1, Axtra3D has introduced a product that has the potential to revolutionise additive manufacturing of plastic components. With its high productivity and quality, the system addresses the market of industrial production.”
With the new investment, Axtra3D has the aim of creating structures and processes to scale production and complete a broad market entry of its product. The company also aims to double its strength within a year through seeking out talent in the industry.
The company will embark on intensive application tests alongside strategic partners in the coming months and will use the findings for product optimisation before the broad market launch. According to Axtra3D, the new system has great potential in the aerospace, consumer goods, medical care, dental care, and automotive industries.
Praveen Tummala, co-founder and COO of Axtra3D, said: “High costs are saved in surface finishing. The high resolution and surface quality of HPS technology simply eliminates the need for another production step.”
HZG Group was also recently announced as the lead investor in a 3 million EUR Series A financing round completed by trinckle.
