The investment will be used to support team growth, facilitate expansion in high-value application segments and boost production capacity
Fortify, a Boston-headquartered additive manufacturing startup, has reportedly raised Series B funds worth USD 20 million from Cota Capital. The round witnessed participation of Neotribe Ventures, Prelude Ventures, and Accel Partners. Notably, the raised capital will help support team growth, facilitate expansion in high-value application segments, and support the large-scale production of the Flux Series 3D printers.
Witnessing the need for improved material properties in 3D printing, Fortify developed Digital Composite Manufacturing that integrated proprietary technology for magnetic alignment and mixing with digital light processing to develop composite parts with optimized thermal, mechanical, and electromagnetic features.
Seemingly, the combination of hardware, materials development, software, and processing expertise is generating new additive production capabilities by tuning material properties for certain applications.
Citing reliable sources, Fortify has witnessed enormous growth in the last 18 months with major hires like Advisor Rob Stevens, who has formerly worked with Stratasys and GrabCad, and Paul Dresens, Vice President of Engineering, earlier associated with Desktop Metal.
The latest investment round will be used to accelerate time to market on various high-value strategy material development plans between the additive manufacturing company and its material partners.
According to a statement by Josh Martin, Co-founder and CEO of Fortify, the company has focused on proving the viability of its product and market opportunity in the last few months, exceeding the goals established at the beginning of 2020.
Martin further mentioned that the next round will help expand its go-to-market footprint in key segments like injection mold tooling while allowing the company to capture a huge market share in end-use electronic devices.
Incorporated in the year 2016, Fortify has in the past announced partnerships with DSM, Tethon3D, Henkel, and will make additional announcements through 2021.
Source Credit: https://www.prnewswire.com/news-releases/3d-printing-startup-fortify-secures-20m-in-series-b-funding-led-by-cota-capital-301250220.html