TLDR:
- Magnus Metal, a technology company based in Tel Aviv, raised $74M in Series B funding.
- The funding round was led by Entrée Capital and Target Global, with participation from several other venture capital firms.
On April 18, 2024, Magnus Metal, a Tel Aviv-based technology company specializing in industrial, high-volume digital casting for metal alloys, announced that it had secured $74 million in Series B funding. The funding round was led by Entrée Capital and Target Global, with participation from Caterpillar Ventures, Tal Ventures, Deep Insight Ventures, Awz Ventures, Lumir Ventures, Discount Capital, Lip Ventures, Cresson Management, Next Gear Fund, and Essentia Venture Capital.
The CEO of Magnus Metal, Boaz Vinogradov, stated that the company plans to use the funds to further develop its casting technologies and expand its operations locally and globally to better support its customers. The company is focused on industrializing novel machine components, materials, and processes, developing products for various industries such as vehicles, agriculture equipment, construction equipment, robotics, and more.
One of the key technologies developed by Magnus Metal is Digital Casting TM, which combines the advantages of Additive Manufacturing (AM) and traditional casting while addressing the associated deficiencies. This technology enables a streamlined supply chain, digital inventory management, and the establishment of remote manufacturing hubs. Magnus Metal currently works with Fortune 100 companies and OEM manufacturers to provide innovative solutions for their production needs.
Overall, the successful Series B funding round for Magnus Metal underscores the growing interest and investment in advanced manufacturing technologies that have the potential to transform traditional industrial processes and offer new opportunities for efficiency and innovation in various industries.
