Herndon, VA, April 11, 2019 (GLOBE NEWSWIRE) -- The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Charlottesville, Va. company Metallum3D, developer of a web-based, metal 3D printing platform that provides accessible and affordable metal three-dimensional (3D) printing materials and services. Founded in 2016, Metallum3D plans to use this capital to expand product development, move to a larger office space, hire key staff, complete the beta launch of the flagship product and establish partnerships with 3D printer manufacturers.
There are significant limitations of metal 3D printing, including low accessibility to services and high costs of material and manufacturing. To address this challenge, Metallum3D is developing a microwave densification process and proprietary metal 3D printing material that reduces the overall part processing time by approximately 80 percent. Metallum3D’s patent pending material formulation uses non-hazardous polymers that are safe and environmentally friendly.
“Whether you are a business or individual that already owns and uses Fused Filament 3D printers, or are looking to implement metal 3D printing capabilities with no additional capital investment, we believe there should be more access to affordable metal 3D printing materials and services,” said Nelson Zambrana, CEO of Metallum3D. “We are grateful for the support of CIT GAP Funds, whose investment will play an important role in our growth and disruption of the metal 3D printing industry.”
Metallum3D offers compatibility with existing, low-cost, fused filament 3D printers, cost-effective and safe-to-use metal 3D printing materials, metal 3D printing and part densification services that free users from the processing complexities of metal 3D printing, and ease of access and through a web-based platform interface.
“A lot of businesses do not have the funds to utilize current methods of metal 3D printing technology. Metallum3D is changing that narrative for businesses, big and small, by providing an affordable, accessible solution,” said Thomas Weithman, Managing Director of CIT GAP Funds and Chief Investment Officer of MACH37. “CIT is excited to be a part of this mission, and we are certain that Metallum3D’s technology will meet many needs in the market.”
CIT GAP Funds, a family of funds placing equity investments in Virginia-based technology, life science, and cleantech companies, has invested in over 200 high-potential, early-stage companies likely to achieve rapid growth and generate significant economic return. Since it’s 2005 formation, CIT GAP Funds has infused an additional $600M+ of private placements onto the balance sheets of portfolio companies. Funds have come from over 900 different investment sources, with 80 percent including out-of-state and blue-chip funding sources from across the U.S. For more information, please visit https://www.cit.org/.
Metallum3D combines low cost, high performance, Fused Filament Fabrication 3D printers with patent pending metal 3D printing filaments and Microwave Densification processes to create an affordable and accessible metal 3D printing service that delivers exceptional value when compared to the most common 3D printing processes that utilize either metals or polymers. For more information, please visit: https://www.metallum3d.com/.
About CIT GAP Funds
Recently named Virginia’s most active investor by CB Insights, developer of a tech market intelligence platform that analyzes millions of data points on venture capital, startups, patents, partnerships, and news mentions to predict future technology trends. CIT GAP Funds joined an impressive list of VCs, including California’s Andreessen Horowitz, New York’s Lerer Hippeau Ventures, and Washington D.C.’s New Enterprise Associates. CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.citgapfunds.org.
Taylor Hadley LaunchTech Communications 978-877-2113 Taylor@goLaunchTech.com Sara Poole Center for Innovative Technologies firstname.lastname@example.org