Ingersoll Rand Leads $19M Financing Round for Inkbit to Advance Multi-Functional Additive Manufacturing
MEDFORD, Mass., May 6, 2024 /PRNewswire/ -- Inkbit™, a pioneer in advanced additive manufacturing solutions, announced today the closing of a $19M financing round led by Ingersoll Rand (NYSE:IR), with participation from Future Labs Capital, GC Ventures America, iGlobe Partners, Ocado, Phoenix Venture Partners, Stratasys, Zeon Ventures, and other private investors. As part of the transaction, Jason Weber, Vice President of Engineering, Compressor Systems and Services, North America, and Henry Ford III, Director at the Ford Motor Company and Trustee at the Ford Foundation, will join the Inkbit Board of Directors.
Inkbit envisions a world where new ideas for physical products can be tested, refined and deployed as rapidly as software. Innovation is an iterative process that flourishes on speed: prototypes should be on hand rapidly and should perform as closely as possible to the finished product. To accelerate this process, Inkbit has developed Vision-Controlled Jetting™ (VCJ), a multi-material manufacturing system that scales seamlessly from prototyping to production on the same platform. The technology converges advances in computation, chemistry and process control, to enable rapid manufacturing of innovative products such as complex industrial fluidics and bio-inspired robots.
"From the moment we met with the extraordinary Inkbit team and saw its novel Vision-Controlled Jetting (VCJ) technology, we wanted to be part of the journey to drive commercialization and adoption across life science and industrial applications," said Vicente Reynal, Chairman and Chief Executive Officer of Ingersoll Rand. "Together, we can transform how the industry thinks about component manufacturing and accelerate innovation."
Inkbit's technology was originally conceived in the Computer Science and Artificial Intelligence Lab at MIT. At its core, it is a reimagination of the traditional assembly line. VCJ combines the scalability, reliability and throughput of the original assembly line with the flexibility and intelligence of 3D machine vision-based feedback control. Parts are built layer-by-layer on a platform that moves under several stations, each performing a specific function, such as material jetting, UV curing, inspection, cooling, etc. Unlike the traditional assembly line, where each subcomponent requires a dedicated production process and supply chain, VCJ builds multi-functional products in one pass, starting from raw materials.
"A century ago, my great great-grandfather developed the moving assembly line – a production method that revolutionized the automotive industry and manufacturing in general. I am delighted to join Inkbit and contribute to reinventing the assembly line for the factories of the future" said Henry Ford III, who joins Inkbit as Independent Director.
"This new partnership with Ingersoll Rand marks a key milestone in the history of our company. We are evolving from an equipment provider to partnering with manufacturers to develop new materials and processes to enable the acceleration and simplification of product innovation. For me personally, and for our team at Inkbit, being able to learn from and be inspired by some of the most iconic names in the history of American manufacturing is a once-in-a-lifetime opportunity. I look forward to building on this extraordinary tradition of technical ingenuity and operational excellence. Together, we will create the factories of the future," said Davide Marini, Cofounder and Chief Executive Officer at Inkbit.
Inkbit's VCJ technology is poised to revolutionize the way we think about product design and manufacturing, especially in fields that require multi-step assembly processes and complex supply chains. Inkbit's technology opens new possibilities in fields like robotics, healthcare, mobility, industrial automation and defense. Inkbit partners with industry-leading companies to enable the next generation of products. To learn more, visit https://inkbit3d.com.
About Inkbit
Inkbit is an additive manufacturing company located in Medford, Massachusetts. The Inkbit Vista™ system is designed for volume production of complex polymer 3D printed parts. Incorporating a novel technology called Vision-Controlled Jetting (VCJ), Inkbit delivers a multi-material additive manufacturing solution that accelerates the translation of ideas into products. To learn more or to read Inkbit's study published in Nature about how the Inkbit technology can change the way we manufacture multi-material systems, without assembly of subcomponents, visit us at https://inkbit3d.com.
Media Contact
Sheree Titan-Ford, Inkbit
Phone: 508-308-7019
Email: stitan-ford@inkbit3d.com
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SOURCE Inkbit