Existing investor Iluka Resources has participated in a $29m funding round for Metalysis, which produces metal powders used in 3D printing.
UK-based 3D printing materials developer Metalysis has received £20m ($29m) in a funding round backed by mining company Iluka Resources.
Woodford Patient Capital Trust, an investment firm focused on university spinouts, also took part in the round. Iluka will hold a 28.8% stake following the capital injection.
Metalysis has developed technology to produce metal powders such as titanium, bespoke alloys and tantalum for use in 3D printing. The process was initially developed at Cambridge University’s Department of Materials Science and Metallurgy Department in 1997.
The investment will drive Metalysis’ continued growth and commercialisation efforts through both licensing agreements and strategic partnerships. The company previously signed research and development partnerships with Sheffield, Newcastle and Cambridge universities.
Iluka gains the right to nominate two directors to Metalysis’ board of directors as part of the deal, having previously paid £12.2m for an 18.3% stake in Metalysis in 2014. Metalysis secured a total of £19m in funding and £4m in grants between 2005 and 2009.
The European Union-backed Environmental Technologies Fund (ETF) led a £13m funding round in 2007 alongside 3i, QinetiQ, Seven Spires, Chord Capital and Cambridge Capital Group. The deal constituted ETF’s first investment.
ETF, 3i, Chord Capital and Seven Spires also invested in a £5.1m funding round in 2009 alongside Cody Gate Ventures.
Metalysis’ other shareholders include mining company BHP Billiton, with which it signed a strategic intellectual property and asset acquisition deal as well as a joint venture agreement, with Metalysis in 2007.
Furniture retail chain Inter Ikea and its financial services arm Interogo Treasury have also backed Metalysis, though further details are not available.
– This article was first published by our sister site Global Corporate Venturing.
