Boston-based Inkbit has raised $30 million through a Series B funding round led by Phoenix Venture Partners LLC (PVP). The significant investment will enable the company to accelerate production of the Inkbit Vista, a 3D printing system with vision-based feedback control, and help the company to expand its sales in the United States as well as abroad.
Inkbit’s latest announcement marks another achievement for the MIT-spinout in 2021. In February, the company launched the Inkbit Vista and in March, it secured a sizeable research grant from the United States Air Force. Now, the company is better positioned to boost the production of its highly automated additive manufacturing platform as well as create new sales opportunities at home and internationally.
“Inkbit is currently experiencing significant growth and we are excited to have the opportunity to continue to build our talented team and scale the company to meet customer demand,” commented Davide Marini, CEO and co-founder of Inkbit. “The opportunities for additive manufacturing are growing as adoption of 3D printing for full-scale production increases. We look forward to using our raised capital to continue evolving and innovating within this dynamic industry.”
Inkbit’s rapid growth in the AM space is owed to its unique technology offering: a patented Vision-Controlled Jetting technology that is capable of printing high-quality, multi-material polymer parts at scale. The Inkbit Vista was designed to bridge the gap between prototyping and production, putting an emphasis on consistency and repeatability. This is in large part enabled thanks to Inkbit’s proprietary vision system that captures voxel-by-voxel 3D scan data of the print process and can optimize printing in real time.
The $30 million raised in this Series B funding round brings Inkbit’s total funding to $45 million since its founding in 2017. In addition to PVP which led this funding round, the company’s investors include Stratasys, DSM Venturing, Ocado, 3M, IMA and Saint-Gobain. PVP’s Managing General Partner, John T. Chen, said of the investment: “As the leading investor in materials science enabled technologies, PVP sees the technology Inkbit has commercialized as a total game changer to the additive manufacturing industry because it solves the key bottlenecks preventing 3D printing from being adopted for mass manufacturing of high-quality finished goods. We are pleased to help Inkbit in its scale up phase and welcome it as the newest member of the PVP portfolio.”
With the support of its new and existing investors, Inkbit will now focus on ramping up production of its Inkbit Vista platform as well as generate new sales opportunities in the U.S. and in APAC and EMEA.