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Manufacturing Technology Insights | Friday, August 28, 2020
A 3D printing company based in Skokie raised $12.5 million in new financing on Monday.
FREMONT, CA: Azul 3D, which manufactures 3D printers to print highly-customizable structures quickly, raised new funding from a group of individual investors and other undisclosed investors.
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Known investors include Louis A. Simpson, the former CIO for Geico, the former manager of Berkshire Hathaway and founder of SQ Advisors; Wally Loewenbaum, the former chairperson of 3D Systems; Joe Allison, the former CEO of Stratasys Direct Manufacturing; and Hugh Evans, the former senior vice president of corporate development for 3D Systems. To date, Azul 3D has raised more than $20 million.
Azul 3D will use the new financing to enhance its rapid printing technology and launch its first commercial printers. The company was initially founded in 2016 by James Hedrick, David Walker, and Chad Mirkin at Northwestern University.
The new funding round comes months after Azul 3D raised $8 million in May to print personal protective equipment amid the coronavirus pandemic. The equipment was provided to hospitals, prisons, first responders, and members of the Navajo Nation, according to Azul 3D.
Using its printing technology, Azul 3D produces medical face shields at a rate of 1,000 components per printer during a 12-hour shift.
Walker, Azul 3D’s chief technology officer, said in a statement that one of the reasons they are doing so well is because their technology offers a solution to unexpected surges in demand and supply-chain bottlenecks that occur during global crises, like in the current pandemic. With the company’s ability to manufacture nearly anything quickly and on-demand, they can meet these unexpected needs as they arise to fill gaps in the supply chain quickly.
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