UK-based medical 3D printing company axial3D has secured $3 million through a recent funding round led by London-based Imprimatur Capital Fund Management. The investment will enable axial3D to accelerate the development and adoption of its automated 3D printing solution for the medical sector, which promises to advance the standards and efficiency of surgical operations.
Notably, the $3 million will go to supporting the company’s growth plans within the United States, which involves opening an office in the region to better serve its growing customer base. Relevantly, the investment round also saw participation from a U.S.-based investment consortium made up of a number of surgical angel investors.
Other groups, which had previously supported axial3D, also contributed to the funding round, including Techstart Ventures, Clarendon Fund Managers and Innovation Ulster Ltd.
Daniel Crawford, CEO at axial3D, commented on the funding, saying: “The closure of this investment round marks an important milestone for our company. It will accelerate our growth within our expanding markets and enable us to bring our 3D printing solution to more healthcare organizations, helping them to drive down costs, improve compliance and, ultimately, enhance patient care.
“Continuous innovation is crucial to bring the best solutions to market and keep up with customer demand. Following our recent collaborations with Tallahassee Memorial Healthcare and University Hospital Basel, we will focus further on the North American and European markets. This includes opening an office in the USA and recruiting more talent into our team, particularly to grow our machine learning capability. This will enable us to continue to innovate and find new ways to bring 3D printing on-demand to the entire healthcare sector.”
Presently, axial3D operates out of its headquarters in Belfast, where it pioneered its patient-specific medical model technology. The medtech company offers a comprehensive 3D printing solution for the medical community, which comprises axial3D insight, which enables medical professionals to order 3D printed anatomical models for surgical planning and training; and axial3D assure, a web-based software solution that helps to record, track and manage data at medical 3D printing labs.
The $3M investment will enable the company to grow its team in Belfast and to expand its operations in the U.S. with a new office. As axial3D’s CEO said, the company will place an emphasis on expanding its machine learning team in order to make medical 3D printing easier and more accessible for hospitals.
“axial3D has built a scalable, accessible platform for clinicians to access 3D printing without the capital expenditure or manpower traditionally required,” added Dr. Christopher Rumana, Neurosurgeon & Charmain of the Board at Tallahassee Memorial Healthcare (TMH), who has been using axial3D’s service since 2018. “Having been in the medical field for over two decades, I have seen how technology improves patient care. With TMH being a user of axial3D’s service, our own patients have been positively impacted by the use of 3D printing. I want to see this service adopted in more healthcare institutions across the USA so that everyone who needs it can benefit from the technology.”