Additive Assurance, the provider of world-leading quality assurance solutions for additive manufacturing, announced that it closed a $1.6M funding round led by IP Group. This funding will support a significant expansion of Additive Assurance’s team, following on from an Accelerating Commercialisation project and a successful customer evaluation program with several leading manufacturers.
Additive Assurance has developed a unique quality assurance technology for metal additive manufacturing (3D printing). The technique allows manufacturers to ensure the structural integrity of components as they are being made and correct for anomalies when they occur. This allows 3D printing to be used in performance critical industries such as aerospace and medical devices, drastically reducing the cost of component certification, and enabling manufacturing at the location of need. “In this time of COVID-19, the need for robust supply chains has never been more important,” said Michael Molinari, Managing Director of IP Group Australia. “Additive Assurance has developed a technology that unlocks the potential of metal 3D printing, and we’re excited to be supporting their growth.”
Alongside the investment, Additive Assurance has appointed Jürgen Schneider as a non-executive director. Mr Schneider brings extensive expertise to the board from his previous role as Head of Market Development at Siemens Australia, among several other leadership roles. “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.”
Engaging with the Defence and Aerospace sector, Additive Assurance is pleased to announce the recent sale of a pre-production system to the Defence Science and Technology Group, Australian Department of Defence. “We’re delighted to be working with the DST Group,” said Marten Jurg Additive Assurance CEO. “DST is pushing the boundaries of advanced manufacturing and we are pleased to be a part of that mission.”
About Additive Assurance
Additive Assurance is a spin-out of Monash University, Australia, specialising in quality assurance for metal additive manufacturing. Founded by Marten Jurg and Andrey Molotnikov in 2019, the company is the culmination of many years of research. The unique method of quality assurance for additive manufacturing is being rolled out across multiple industries, including aerospace, medical devices, energy, and defence. See www.additiveassurance.com for more information.
About IP Group Australia
IP Group is a leading intellectual property commercialisation company focused on evolving great ideas from its partner universities into world-changing businesses. The Group pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital, scientific insight and the supporting infrastructure. In Australia and New Zealand, IP Group works in close partnership with the Go8 Universities and the University of Auckland to identify ground-breaking technologies, rooted in hard science, which have the most promising commercial potential. IP Group, which is listed on the Main Market of the London Stock Exchange under the symbol IPO, has a strong track record of success and its portfolio comprises holdings in early stage to mature businesses across life sciences and technology.
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This project is supported by the Australian Government Department of Industry, Innovation and Science through a commercialisation grant as part of the Entrepreneurs’ Programme.