Evolve Additive Solutions, a Minnetonka-based company which spun off from Stratasys in 2009, announced the completion of an equity investment of $19 million. The LEGO Brand Group led the funding round, with participation from Stanley Black and Decker Investments and a third undisclosed investor.
Evolve is a technology platform aiming to change the way manufacturers produce products made with engineering plastics. To do this, it developed the proprietary Selective Thermoplastic Electrophotographic Process (STEP) technology.
The company believes that this technology will achieve its goal of improving manufacturing and will also help form new disruptive business models.
Steve Chillscyzn, CEO of Evolve Additive Solutions, said: “Evolve has entered an exciting new growth phase as we begin commercial development of our proprietary STEP technology… We are excited to have forged equity partnerships with world-leading companies that recognize the production potential of STEP and are committed to working alongside Evolve to bring the technology to commercialization.”
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Evolve’s Big Impact on High-Quality Medium Volume Plastic Components
The company’s STEP technology enables users to utilize production-grade thermoplastics for volume manufacturing applications across multiple industries. For example, medical, industrial, automotive and consumer.
The technology was designed for automated manufacturing and factory-floor integration. It is highly scalable and extensible when combining Evolve’s technology with electrophotography. The resulting 3D printed parts meet or even exceed traditionally manufactured parts.
Per Hjuler, LEGO Brand Group business development, said: “LEGO Brand Group has invested in Evolve because it is an attractive investment opportunity, which can benefit the LEGO brand. The LEGO Group has been using Additive Manufacturing technology for more than 20 years. Today, the company mainly employs the technology to create prototypes in the development of new products, and we believe that the technology will become an even more important supplement to the current Injection Moulding capabilities in the future. With Evolve Additive Solutions we have found a very competent partner within this area.”
Although funding was led by LEGO Brand Group, parent company Stratasys, which is a minority shareholder, also contributed. BNP Paribas acted as Evolve’s exclusive financial adviser.
Evolve’s senior management team brings over 40 years of combined experience in 3D printing. Want to learn more about Evolve? Follow the company on LinkedIn and Twitter.
Source: Press Release
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