Impossible Objects has announced it raised a $6.4 million Series A investment round led by OCA Ventures and with participation from IDEA Fund Partners, a technology-focused early stage venture capital firm, Mason Avenue Investments, Huizenga Capital Management, and Inflection Equity Partners. With this latest round, Impossible Objects has raised a total of more than $9 million.
"We've seen incredible momentum as more corporations are looking to additive manufacturing for production purposes and not just prototypes or low volumes. These companies need strong parts that can be made fast," says Robert Swartz, founder and Chairman of Impossible Objects. "We're delighted to work with our investment partners to meet this massive opportunity."
The funding comes on the heels of growing momentum for Impossible Objects. This spring, the company debuted its pilot Model One printer and acquired its first customer, the Fortune 500 Jabil Inc., a product solutions company providing comprehensive electronics design, production and product management services to global electronics and technology companies. The Model One won the Innovation Award at the RAPID + TCT 3D Printing and Additive Manufacturing conference for the service or product that will have the greatest impact on the industry.
Impossible Objects' composite-based additive manufacturing method (CBAM) is revolutionary. Leveraging high-speed 2D graphics technologies, it enables companies to use a range of composite materials, including carbon fiber, Kevlar and fiberglass together with PEEK and other high performance polymers, to build the strongest, lightweight parts at scale.
"We're just scratching the surface at how fast we can build parts and materials at scale," says Larry Kaplan, CEO of Impossible Objects. "This funding will only accelerate our ability to develop our technology and roll it out to the biggest companies worldwide."
"Impossible Objects is leading the way by using its technology to transform how the largest corporations manufacture," said OCA Ventures General Partner Ian Drury. "The market opportunity for a revolutionary industrial additive manufacturing solution such as Impossible Objects' CBAM is enormous and the company has huge momentum right now."
The Model One will be commercially available in 2018, and pilot versions of the machine are available now on a selective basis.
Source and top image: Impossible Objects