3YourMind, a US-German software company in additive manufacturing (AM), has raised $12.4M (approx €10.2M) in its continued Series A round of funding. Additive manufacturing is the construction of a three-dimensional object from a CAD model or a digital 3D model.
Investors in this round
LBBW VC – venture capital arm of Landesbank Baden-Württemberg, and Verve Ventures, located in Switzerland, invested in this round. In addition, existing investors UVC Partners, TRUMPF Venture, and AM Ventures also participated in this round.
Stephan Kuhr, co-founder of 3YourMind, says, “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. We want to secure our technology leadership in part identification and digitisation of AM processes and expand our business internationally.”
Digital additive manufacturing processes
Founded in 2014 by Aleksander Ciszek and Stephan Kuehr, 3YourMind is a manufacturing software solutions provider that works on optimising the additive manufacturing workflow.
Its software suite has three platforms, Agile PLM (AM data aggregation), Agile ERP (quote & processing), and Agile MES (part tracking and traceability). According to the company, these software tools help 3YourMind’s clients in identifying AM-ready parts, optimising their processes, and aggregate data to scale their business by reducing costs up to 40 per cent and lead time by 18 per cent.
Aleksander Ciszek, co-founder of 3YourMind, says, “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 automotive, energy, and healthcare sectors to develop innovative ways to improve flexibility and sustainability.”
3YourMind’s customers include Deutsche Bahn, Erpro, Bosch, and other international companies operating in aerospace and defense, automotive or medical industry.
Use of the funds
The raised capital will enable the company to advance end-to-end production processes digitisation.
Ciszek mentions, “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.”
Growth of distributed manufacturing during pandemic
The global market for additive manufacturing (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. And, in the automotive, energy, and healthcare industries, the growth seems to be advancing.
Ciszek says, “The ongoing Corona pandemic has made all market players aware of the urgency to continue optimising AM processes. Traditional supply chains are being re-evaluated and the concept of distributed manufacturing has become a priority for many OEM’s. 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.”
Stephan Kuhr, co-founder of 3YourMind, adds, “Modern, agile manufacturing characterised by flexible, automated and decentralised production is only made possible through intelligent software tools. The next generation of industrialisation is at an early stage and 3YourMind is determined to define the future of manufacturing.”
In September 2020, the startup raised $5.5M in its first round of investment from German investor EnBW New Ventures.