Axtra3D, developer and producer of innovative 3D printing machines, has successfully closed its Series A financing round of USD 6,25 million. Lead investor is the additive manufacturing (3D printing) specialist HZG Group of industry pioneers Kerstin and Frank Carsten Herzog. Steve Grundahl, founder and president of Midwest Prototyping and current VP of Additive Manufacturing for Prototek, participated in the round as a strategic partner. With the new capital, Axtra3D wants to build processes and supply chains for the upcoming market entry as well as attract new talent to its offices in Italy and the US.
Based on patented technologies developed by founder and CEO Gianni Zitelli, Axtra3D develops innovative products for the additive manufacturing industry. The first product is the innovative Lumia X1 3D printer. It combines the two processes stereolithography (SLA) and digital light processing (DLP/LCD), between which customers previously had to choose. In terms of speed, resolution as well as print area and surface quality, Lumia X1 surpasses the printing processes that have been the industry standard for around 20 years.
“Our Lumia X1 is precise as well as fast. In one device – that has not existed before,” Gianni Zitelli says. The basis for this success is the company’s own Hybrid PhotoSynthesis (HPS) technology.
Gianni Zitelli adds: “This financing round is the next big step for us. Since our founding, we have developed and manufactured a groundbreaking product for additive manufacturing in just nine months, which will now be made available to customers on a larger scale. With the HZG Group of Kerstin and Frank Carsten Herzog, we have a financially strong investor on our side, who also bring in their proven expertise in establishing completely new processes in the industry.”
Frank Carsten Herzog, founder and managing director of HZG Group, says: “Axtra3D’s technical developments are absolutely impressive. Gianni Zitelli’s team is setting the right priorities to optimally master the steep road to breakthrough. And we look forward to actively supporting them in all the steps ahead.”
Dr. Florian Bechmann, Chief Technology Officer of HZG Group, says: “With the Lumia X1, Axtra3D has introduced a product that has the potential to revolutionize additive manufacturing of plastic components. With its high productivity and quality, the system addresses the market of industrial production.”
Strategic Partnerships for product optimization
With the new capital, Axtra3D wants to create the structures and processes to scale production and complete a broad market entry of their product.
With a focused search for the best talents, the team’s strength is to be doubled within a year: “With our two locations, we combine the best of both worlds. The business-oriented mindset in the USA with the competence in research and development in Central Europe,” says Gianni Zitelli.
In intensive application tests with strategic partners, the Lumia X1 3D printer will be tested for every possible application in the coming months. The findings will flow into product optimization before the broad market launch.
Axtra3D sees great potential for the Lumia X1 printer in the aerospace, consumer goods, medical and dental care, and automotive industries.
Praveen Tummala, co-founder and COO of Axtra3D, gives an example: “High costs are saved in surface finishing. The high resolution and surface quality of HPS technology simply eliminates the need for another production step.”
Find out more about Axtra3D at axtra3d.com.
For more information about HZG Group, please visit hzg-group.com.