Additive Assurance has announced the closing of a $1.6M funding round led by IP Group that will support the expansion of its team, following on from an Accelerating Commercialisation project and a successful customer evaluation program with several leading manufacturers.
Managing Director of IP Group Australia Michael Molinari said: “In this time of COVID-19, the need for robust supply chains has never been more important.”
“Additive Assurance has developed a technology that unlocks the potential of metal 3D printing, and we’re excited to be supporting their growth.”
Additive Assurance, which provides a unique quality assurance technology for metal additive manufacturing, was founded based on research from Monash University. The technique they have developed allows manufacturers to ensure the structural integrity of 3D printed components as they are being made through real-time defect alerts. This allows the technology to correct anomalies when they occur. The unique method can be used in critical industries such as aerospace, defence, energy and medical devices and could help reduce the cost of component certification drastically. It also enables manufacturing at the location of need.
In the statement released, the company also announced the recent sale of the first unit of a pre-production system to the Defence Science and Technology Group, Australian Department of Defence.
Commenting on the partnership Additive Assurance CEO Marten Jurg said: “We’re delighted to be working with the DST Group.”
“DST is pushing the boundaries of advanced manufacturing and we are pleased to be a part of that mission.”
Alongside the investment, Additive Assurance has appointed former Siemens Australia Head of Market Development Jürgen Schneider as a non-executive director.
“Enabling technologies such as Additive Assurance’s QA solution will allow industry to build sovereign manufacturing capacity,” said Mr Schneider. “I look forward to working with the team to bring their unique product to market.”