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Evolve Additive Solutions announced the completion of an equity investment of $19 million led by the LEGO Brand Group.
Additional investors included Stanley Black and Decker Investments and a third, undisclosed investor.
After nearly 10 years as an incubation project at Stratasys, Evolve spun-off earlier this year to develop and commercialize its proprietary Selective Thermoplastic Electrophotographic Process (STEP) technology, which aims to radically improve manufacturing (at the OEM or supplier level) with a scalable solution that is “50 times faster than existing additive manufacturing solutions,” according to the company.
Evolve views its STEP technology as a competitor for traditional manufacturing processes like injection molding. Specifically, the STEP process combines 2D-imaging technology with proprietary IP to align incoming layers and sophisticated bonding techniques that create final parts that are fully dense, with the same isotropic properties of injection molding, the company says.
STEP is intended for high-volume production runs into the hundreds of thousands per year.
While Evolve plans to cater to multiple industries, its medical focus includes custom components, medical trials and surgical guides. Evolve is actively discussing partnership opportunities with companies as part of its Beta phase.
The company’s senior management team—Bruce Bradshaw, Steve Chillscyzn, Dr. Arun Chowdry and Shane Glenn—are former Stratasys executives that possess over 40 years of combined additive experience.
Source: Evolve Additive Solutions
