Additive Manufacturing company Uniformity Labs, Inc., (UL), based in Fremont, California, USA, has completed a $38.35 million Series B funding round. It was stated that the proceeds will predominantly drive the expansion of its production capability and the development of additional specialised materials. It will also fuel the growth of the senior team, particularly in the sales and marketing function – a process that will ramp up substantially over the course of 2021.
“This marks a significant milestone in our next phase of growth as we scale our game-changing metal feedstock and print applications businesses to greatly improve the 3D printing value proposition for major manufacturers,” stated Adam Hopkins, founder and CEO of Uniformity Labs. “What’s important about this round is the level of commitment from new financial and strategic industry investors, which stands as an important endorsement of our technology and business model.”
The Series B funding round included existing investors as well as new financial and strategic investors.
Michael Burychka, CEO of IP Group, Inc., commented, “As its founding investor, IP Group is excited to see Uniformity Labs poised to disrupt the AM market. Adam Hopkins and his team have done a tremendous job developing the core technology created in Professor Sal Torquato’s labs at Princeton University to unlock the potential of powder-based manufacturing. UL is an excellent example of our focus on supporting the commercial development of innovative hard science from premier research institutions like Princeton.”
An investment to finance plant construction was made from a fund managed by Orion Resource Partners, a global alternative investment management firm with approximately $6.3 billion under management. Orion is one of the world’s leading investors in the mining, metals processing, and metal commodity trading industries.
“Orion is pleased to make its first investment into the Additive Manufacturing and metals atomisation industries through Uniformity Labs. We look forward to supporting their growth within this rapidly evolving industry,” added Oskar Lewnowski, the Chief Investment Officer of Orion Resource Partners.
Uniformity Labs develops material and software solutions to accelerate and expand global commercial/industrial Additive Manufacturing markets. Its patented technology is said to enable significant cost savings, speed, and quality improvements across all mainstream AM machines. UL states that its feedstock materials and AM build processes dramatically impact the value chain by increasing the reliability and efficiency of Additive Manufacturing.
Armory Securities acted as exclusive financial advisor and placement agent for UL for the Series B round. Mercator Partners, an asset manager located in Princeton, New Jersey, USA, helped to arrange and close the financing.