3YOURMIND closes $5.5 million funding round led by EnBW New Ventures
3YOURMIND, a provider of enterprise software for automating additive manufacturing workflows, has secured a $5.5 million investment through a Series A+ funding round led by EnBW New Ventures (ENV), the venture arm of EnBW AG, one of the largest utilities companies in Germany. The financing round also saw additional contributions from existing investors UVC Partners, TRUMPF Venture, coparion and AM Ventures.
The $5.5 million raised will enable 3YOURMIND to continue its growth in the aerospace, automotive and engineering sectors, among others, and to strengthen its position in the energy industry and infrastructure maintenance area. Presently, the software provider has contracts with over 50 enterprise customers across these various industries, all of whom are using its AM workflow program to streamline their AM production.
“The current macro situation forces companies to focus on supply chain resilience,” explained Aleksander Ciszek, Co-Founder and CEO of 3YOURMIND. “Our customers benefit from the distributed manufacturing software we are providing as the increased flexibility in their supply networks secures and generates value. We are happy that ENV and our existing investors support that vision.”
3YOURMIND will also leverage the hefty investment to broaden its global reach: presently, the company has operations in Europe and the United States, but it plans to expand into other regions (as well as expand within the US and EU).
EnBW, the key investor in this funding round, is exploiting additive manufacturing for maintenance applications. The company operates power plants across Germany and Europe, all of which have different types and ages of equipment, and thus often requires spare parts for outdated equipment that can be challenging to source. AM has provided a solution to this supply chain hurdle.
Crispin Leick, Managing Director at ENV, said: “The promise of Industry 4.0 relies on Additive Manufacturing. The 3YOURMIND offering enables companies to easily implement AM into their production process which supports the sustainability of many manufacturing and MRO (Maintenance, Repair, & Operations) applications. We are excited to invest in 3YOURMIND, a company that is shaping the future of manufacturing.”
Broadly speaking, the investment signals 3YOURMIND’s continued growth; like several other companies in the AM industry, the company has experienced a successful financing round even in the precarious economic state caused by COVID-19. “Even during these unprecedented times, we expect to double our annual sales for the third straight year,” explained Stephan Kühr, 3YOURMIND CEO in charge of revenue and growth. “This investment by ENV and our existing investors UVC Partners, AM Ventures, TRUMPF Venture and coparion will enable us to strengthen our expansion efforts in Europe and North America.”
3YOURMIND was originally funded through EOS’ AM Ventures program and last year it was awarded €1.3 million in Pro FIT funding from the investment bank of Berlin, co-financed by the European Regional Development Fund (ERDF).