Boston: Fortify, a Boston-based additive manufacturing startup, announced today it has closed a $20M equity round led by Cota Capital with additional participation from Accel Partners, Neotribe Ventures, and Prelude Ventures. This round of capital will fuel team growth, accelerate expansion in high-value application spaces, and transition to volume manufacturing of the Flux Series 3D printers.
“The additive manufacturing market is rapidly expanding, and we believe that Fortify is unlocking one of the key barriers to the growth of the industry: advanced materials,” said Bobby Yazdani, Founder, and Partner at Cota Capital. “We are excited to collaborate and support the company as it continues to redefine advanced manufacturing.”
Identifying a need for better material properties in 3D printing, Fortify invented Digital Composite Manufacturing (DCM), which combines proprietary systems for mixing and magnetic alignment with digital light processing (DLP) to produce composite parts with optimized mechanical, thermal, and electromagnetic properties. The hardware combined with software, materials development, and processing expertise is opening up new additive manufacturing capabilities by tuning material properties for specific applications.
The team has continued to steadily grow over the past 18 months with the most notable hires including Paul Dresens, VP of Engineering, formerly of Desktop Metal, and Advisor Rob Stevens, formerly of GrabCad and Stratasys. The round will be used to accelerate time to market on several high-value strategy material development programs between Fortify and its material partners.
“Fortify has been focused on proving the viability of our product and market opportunity over the past 18+ months, and exceeded our goals set at the beginning of 2020,” said Josh Martin, CEO, and Cofounder of Fortify. “This next round will expand our go-to-market footprint in key verticals such as injection mold tooling while enabling us to capture market share in end-use electronic devices.
Fortify has previously announced partnerships with Henkel, DSM, Tethon3D, and will be making additional announcements over the course of 2021. Follow Fortify on LinkedIn and subscribe to our newsletter at www.3dfortify.com to stay abreast of upcoming announcements around new partnerships and product releases.