TLDR:
- Magnus Metal, a digital casting company, secured $74 million in Series B funding.
- The company’s technology combines additive manufacturing and traditional casting, resulting in a streamlined supply chain, digital inventory, and remote manufacturing hubs.
Article Summary
Magnus Metal, a digital casting company, recently announced that it has raised $74 million in Series B funding. The funding round was co-led by Entrée Capital and Target Global, with participation from other prominent investors such as Caterpillar Ventures and Tal Ventures. This significant investment will be utilized to advance Magnus Metal’s innovative casting technologies and expand its operations both locally and globally to support its Fortune 100 customers.
Magnus Metal has developed Digital Casting, a technology that offers a unique combination of additive manufacturing (AM) and traditional casting processes while addressing the associated deficiencies. This solution enables a streamlined supply chain, digital inventory management, and remote manufacturing hubs, without requiring a traditional foundry infrastructure. The company’s Industry 4.0-based manufacturing solution aims to enhance safety, sustainability, and financial outcomes in the metal casting industry.
By utilizing the customer’s current metal raw materials, Magnus Metal’s Digital Casting technology provides significant benefits in terms of adoption rate and cost reduction. The company’s data-driven process results in marked efficiencies, requiring less raw material and time compared to conventional methods. Magnus Metal’s technology also meets the American Society for Testing and Materials standards for iron, ensuring high-quality manufacturing processes.
Through Magnus Metal’s innovative approach, the design-to-manufacturing cycle is shortened, raw materials are efficiently used, and quality control is improved. The company’s unique capital equipment and advanced processes have positioned it as a leader in the digital casting revolution for metal production.
Overall, Magnus Metal’s successful funding round and cutting-edge technology showcase its commitment to transforming the metal casting industry for modern purposes while remaining faithful to tradition.
