3YOURMIND, a US-German software company in additive manufacturing, closed a new Series A+ financing round with two prominent European investors. LBBW VC, the venture capital arm of Landesbank Baden-Württemberg, is strategically focused on supporting highly innovative companies with scalable B2B business models in emerging markets. Verve Ventures, located in Switzerland, is one of the leading European investors with extensive reach to new market opportunities enabled by its digital venture capital platform.
The new investors bring access to a deep network of potential partnerships. This news magnifies the first round of investment previously completed with German investor EnBW New Ventures, which resulted in September 2020 in the amount of $5.5M USD. This expanded financing round accumulates to a total of 12.4M USD. Existing investors UVC Partners, TRUMPF Venture, and AM Ventures participated in this financing round.
“The original investment made by EnBW New Ventures supports 3YOURMIND’s growth in the energy sector while the latest investment enables the company to further invest in building a Digital Qualified Inventory”, says 3YOURMIND co-founder Stephan Kühr. “We want to secure our technology leadership in part identification and digitization of AM processes and expand our business internationally”.
Today, 3YOURMIND’s customers include Deutsche Bahn, Erpro, Bosch, and other international companies operating in the Aerospace and Defense, Automotive or Medical industry. The Agile Manufacturing Software Suite by 3YOURMIND is designed to enable automated solutions for manufacturing. The three platforms, Agile PLM (AM data aggregation), Agile ERP (quote & processing), and Agile MES (part tracking and traceability), optimize the AM workflow along the entire value chain. This software suite provides a seamless, end-to-end flow of responsive, accurate, and efficient data for any production facility.
“The ability to produce parts on demand is a crucial advantage for companies who wish to control their production value chain. With this investment, we will extend our international footprint and further support our customers who wish to implement additive technologies into their production process”, said Aleksander Ciszek, co-founder of 3YOURMIND, “Our products provide engineers with actionable information to identify AM-ready parts that are less expensive than conventional manufacturing methods. We are working with the most progressive manufacturing leaders in the automotive, energy, and healthcare sectors to develop innovative ways to improve flexibility and sustainability. The ongoing Corona pandemic has made all market players aware of the urgency to continue optimizing AM processes, the ability to produce parts on demand is a significant advantage for companies who wish to become more self-reliant and less dependent on overseas vendors”.
These software tools allow for up to 40% cost savings as well as 18% shorter lead times. The global market for AM has increased six-fold within the past decade with no signs of slowing down. According to a survey conducted by Ernst & Young, many companies have already gained initial experience in 3D printing or have identified and exploited specific application opportunities for additive manufacturing. Especially in the automotive, energy and healthcare industries, the spread of AM is steadily advancing.
Traditional supply chains are being re-evaluated and the concept of distributed manufacturing has become a priority for many OEM’s. 3YOURMIND provides a solution that identifies the most impactful parts and optimizes the workflow for maximum efficiency. The international pandemic has exacerbated the gaps and weaknesses in the conventional supply chain. Many industries are contemplating their transitional plans and wondering, what’s next?
“Modern, agile manufacturing characterized by flexible, automated and decentralized production is only made possible through intelligent software tools,” says Kühr. “The next generation of industrialization is at an early stage and 3YOURMIND is determined to define the future of manufacturing”.