Nexa3D is scaling back its operations amidst 'evolving market dynamics and macroeconomic pressures.'
It comes after the company denied it had entered bankruptcy in November, responding to rumours that were sparked by its decision to pull out of the Formnext exhibition at late notice.
While the company hadn't entered bankruptcy, it seems all was not well at Nexa3D. The company confirmed to TCT in November that it had been forced to make redundancies, while staff at VP level were moving onto pastures new within weeks. In a communication to customers and partners on December 20th, Nexa3D confirmed that it had faced 'significant funding challenges that have made it impossible to continue operations in their current form.' The resulting scale back, it said, was 'difficult but necessary.'
Nexa3D says it is committed to ensuring a 'responsible process' that prioritises the well-being of employees, while fulfilling obligations to customers and seeking opportunities to transition its technology and IP to organisations capable of 'building on Nexa3D's legacy.' To that end, Nexa3D is working to provide ongoing guidance to customers in a bid to ensure continuity and clarity on the company's next steps. For now, customers looking to order products are being directed to resellers, but as the company navigates this transition, it has said it is unable to make any guarantees as to whether it will be able to 'provide solutions for service and consumables that allow continuity for customer operations.'
Founder and CEO Avi Reichental commented: “Nexa3D’s journey has been one of bold innovation and relentless pursuit of excellence in 3D printing. While this decision was incredibly difficult, I remain immensely proud of what our team has achieved and grateful to our customers, partners, and the entire additive manufacturing community for their unwavering support.
“Our contributions to ultrafast 3D printing have laid a foundation for the next phase of innovation in this industry. I’m optimistic about the future of additive manufacturing and remain committed to advancing its potential in new and impactful ways.”
Nexa3D was founded in 2016 and emerged from Reichental's XponentialWorks venture investment, advisory and product development company. It came to market with resin-based 3D printing solutions that promised speed, scalability and cost efficiency, before expanding into powder- and extrusion-based technologies through way of acquisition. Nexa3D also acquired the AddiFab Freeform Injection Molding business as it aimed to become an additive manufacturing market leader. While it fell short of establishing itself as a mainstay of the industry, the company has helped customers achieve gains in a host of industries, including healthcare, automotive, consumer goods and packaging.
