Evolve Additive Solutions raises $19M from LEGO, Stanley Black & Decker
Evolve Additive Solutions, Inc. has raised $19 million through an equity investment round led by the LEGO Brand Group. The news of the investment round, which also saw participation from Stanley Black & Decker Investments and one other investor (undisclosed), follows on Evolve’s recent announcement that it shipped its first STEP additive manufacturing system to a client for Alpha development.
The company’s STEP platform (which stands for Selective Toner Electrophotographic Process) is a system dedicated to the production of thermoplastic parts for volume manufacturing applications. The machine, based on electrophotography technology, is designed specifically for integration into a factory-floor setting and offers users scalability and a high degree of automation. According to Evolve, STEP technology is capable of producing parts which meet of exceed the quality and performance of traditionally manufactured components.
“Evolve has entered an exciting new growth phase as we begin commercial development of our proprietary STEP technology,” said Steve Chillscyzn, CEO of Evolve Additive Solutions. “We are excited to have forged equity partnerships with world leading companies that recognize the production potential of STEP and are committed to working alongside Evolve to bring the technology to commercialization.”
Per Hjuler of LEGO Brand Group business development, echoed the excitement surrounding Evolve’s STEP technology, saying: “LEGO Brand Group has invested in Evolve because it is an attractive investment opportunity, which can benefit the LEGO brand.
“The LEGO Group has been using Additive Manufacturing technology for more than 20 years. Today, the company mainly employs the technology to create prototypes in the development of new products and we believe that the technology will become an even more important supplement to the current Injection Moulding capabilities in the future. With Evolve Additive Solutions we have found a very competent partner within this area.”
Stanley Black and Decker Investments, which also participated in Evolve’s investment round, expressed its own enthusiasm towards STEP and its potentials for producing high quality medium volume plastic parts for a range of its product categories.
Evolve Additive Solutions was formed in earlier this year as a spin-off of 3D printing giant Stratasys, which now acts as a minority shareholder and an undisclosed investor in the company. BNP Paribas, the French international banking group, is Evolve’s exclusive financial adviser.