3D printing software developer 3YOURMIND has closed its latest round of Series A+ funding, raising $12.4 million.
The firm secured two prominent new European investors during the round – LBBW VC, the venture capital arm of Landesbank Baden-Württemberg, and Swiss venture capital firm Verve Ventures – which will provide 3YOURMIND access to an extensive network of potential partnerships. Additional investments during the round came from the company’s existing investors UVC Partners, TRUMPF Venture, and AM Ventures.
The expanded funding round builds on 3YOURMIND’s first round of Series A+ investment in September 2020, which raised $5.5 million.
“The original investment made by EnBW New Ventures supports 3YOURMIND’s growth in the energy sector while the latest investment enables the company to further invest in building a Digital Qualified Inventory,” said Stephan Kühr, 3YOURMIND co-founder. “We want to secure our technology leadership in part identification and digitization of AM processes and expand our business internationally.”
3YOURMIND’s Agile Manufacturing Software Suite
3YOURMIND’s business model is centered around its proprietary additive manufacturing workflow software portfolio, which aims to facilitate flexible, automated, and distributed 3D printing production.
The company’s Agile Manufacturing Software suite is made up of three platforms. The first, Agile PLM, focuses on 3D printing data aggregation, while the second, Agile ERP, provides quotes and processing, and the third, Agile MES, delivers part tracking and traceability. The suite is designed to optimize the additive manufacturing workflow along the entire value chain, providing a seamless, end-to-end data flow for production facilities.
3YOURMIND’s software tools reportedly deliver up to 40 percent cost savings and 18 percent shorter lead times to its customers.
“Our products provide engineers with actionable information to identify AM-ready parts that are less expensive than conventional methods,” said Aleksander Ciszek, 3YOURMIND co-founder. “We are working with the most progressive manufacturing leaders in automotive, energy, and healthcare sectors to develop innovative ways to improve flexibility and sustainability.”
Digital AM inventory
3YOURMIND’s customers operate across a variety of sectors including aerospace defense, automotive, and medical. The company has an ongoing partnership with German railway firm Deutsche Bahn to build a digital spare parts warehouse using its digital workflow software, and its Agile PLM software has recently been adopted by France’s national railway company, the Société nationale des chemins de fer français (SNCF).
“The ability to produce parts on demand is a crucial advantage for companies who wish to control their production value chain,” continued Ciszek. “With this investment, we will extend our international footprint and further support our customers who wish to implement additive technologies into their production process.”
Solving supply chain weaknesses
3YOURMIND has also observed how the Covid-19 pandemic has exposed gaps and weaknesses in conventional global supply chains, and foresees many industries contemplating the transition to additive manufacturing in order to bolster supply chain resilience.
According to the Wohlers Report 2021, the 3D printing sector grew by 7.5 percent to nearly $12.8 billion last year despite the impacts of the pandemic, and Sculpteo’s State of 3D Printing survey revealed almost half of all respondents noted an increase in 3D printing operations during the period, and have been presented with new market opportunities as a result.
Ciszek notes that, as a result, traditional supply chains are being re-evaluated and the concept of distributed manufacturing is becoming a priority for many OEMs.
“The ongoing Corona pandemic has made all market players aware of the urgency to continue optimizing AM processes,” he said. “The ability to produce parts on demand is a significant advantage for companies who wish to become more self-reliant and less dependent on overseas vendors.”
This presents a significant opportunity for 3YOURMIND, with its software able to identify appropriate parts for 3D printing and optimize workflows to improve efficiency.
“Modern, agile manufacturing characterized by flexible, automated, and decentralized production is only made possible through intelligent software tools,” added Kühr. “The next generation of industrialization is at an early stage and 3YOURMIND is determined to define the future of manufacturing.”
Looking for a career in additive manufacturing? Visit 3D Printing Jobs for a selection of roles in the industry.
Featured image shows AM Part Identifier workshop with one of 3YOURMIND’s customers. Image via 3YOURMIND.