Equispheres
Equispheres powder
Equispheres powder.
Metal additive manufacturing materials manufacturer Equispheres has announced a 30 million CDN Series B investment round.
The round was led by HG Ventures and includes the $8m grant supplied by SDTC in January, as well as a contribution from Canadian bank BDC. Through the series B round, HG Ventures put forward $10m in equity investment, BDC offered a $5m subordinated financing arrangement and the additional $7m has come from undisclosed backers.
Equispheres is coming to market with the ambition of delivering metal powders with ‘superior features and characteristics’ for additive manufacturing processes. Last year, the company released two reports, the first of which suggested its ‘unique powder’ allowed for a 20-30% increase in a-basis mechanical performance and a 50% increase in production speeds for aerospace and defence applications, and the second of which marked the company’s success in developing an aluminium alloy powder for binder jet printing which boasted excellent microstructure and good densification (>>95%).
Harnessing its $30m funding, the company is looking to scale materials production to high volumes, save on production costs, accelerate research and development projects with automotive, aviation, space and defence and partners, grow its team and develop application support services for the aforementioned industries.
“We are extremely excited to have HG Ventures as a partner,” commented Kevin Nicholds, President and CEO of Equispheres. “Their extraordinary combination of research capability and venture capital experience made them an ideal partner to understand both the technical and market potential of our product across the transportation industry. We are also grateful to have the support of the Canadian government, enabling us to leverage investor financing to achieve our objective of providing a high-quality product at volume levels the marketplace demands.”
