Innovate Indiana Fund Part of $5.75M Investment
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Indianapolis-based Innovate Indiana Fund and a team that includes GE Ventures are investing $5.75 million in a California 3D printing company. MatterFab, co-founded by an Indiana University graduate, is working to create what it calls affordable and scalable technology to print solid metal parts. May 27, 2015
News Release
SAN FRANCISCO, Cal. – MatterFab, an Indiana University-funded maker of metal 3-D printers, recently closed a $5.75 million seed-funding effort toward the design and development of its first printer for commercial, industrial-grade use.
The Innovate Indiana Fund and GE Ventures were among the investors in the Series A financing round, which will help the San Francisco-based company produce what it describes as the first affordable and scalable 3D metal printer that uses next-generation laser technology to print solid metal parts.
As more companies turn to additive manufacturing methods for direct production parts, rising demand for specific requirements makes commercial 3-D printers increasingly valuable. By using technology and techniques learned through years of serving national labs and military special forces, MatterFab aims to redefine the capabilities of metal 3-D printing.
“Our vision is not just to solve today’s biggest challenges with metal 3-D printing but to revolutionize the capabilities of metal printing,” MatterFab CEO Matt Burris said. “Achieving that vision begins with developing our new metal 3-D printer in partnership with some of the most experienced users of metal additive manufacturing technology.”
MatterFab seeks to address such challenges by working with partners with significant additive manufacturing experience, such as the University of Louisville, and maintaining keen awareness of production demands.
The Innovate Indiana Fund made its initial seed investment in MatterFab in early 2014.
“Industries old and new will be impacted by MatterFab’s technology, as markets realize their new potential with additive manufacturing,” said Ken Green, managing director of the Innovate Indiana Fund. “We are pleased to work with the MatterFab team as their unique backgrounds in laser technology and CNC protocols make them leaders in the 3-D printing field.”
About MatterFab
MatterFab was founded by Matt Burris and Dave Warren, two engineers with deep experience developing complex systems for the military. Burris’ passion for revolutionizing manufacturing comes from growing up in his family’s aerospace machine shop in Indianapolis. Having seen work from his family’s shop move to 3-D printing, he is determined to lead this technology into the machine shops of tomorrow. Warren earned a masters degree in human computer interaction in 2012 from IU Bloomington.
About Innovate Indiana Fund
The Innovate Indiana Fund provides early-stage capital to companies with an Indiana University connection. The fund also assists in such areas as technology assessment, market analysis and planning, management recruitment, product development, sales strategy, customer acquisition and next-stage capital.
Indiana University is designated as an Innovation and Economic Prosperity University by the Association of Public and Land-Grant Universities. This recognizes IU’s commitment across all its campuses to being a leading institution in fostering regional economic development.