Kiwi startup Foundry Lab raises $8m for digital metal casting in Series A
Foundry Lab, a New Zealand-based digital metal casting startup, has raised $8 million in a Series A funding round led by venture capital fund Blackbird Ventures.
Headquartered in Wellington, Foundry Lab has just emerged from stealth with the investment round. The company claims to have the ability to create functional metal parts within 24 hours and has drawn interest from automotive industry giants.
Samantha Wong of Blackbird Ventures, commenting on Foundry Lab Series A round said, said: “Foundry Lab has the chance to impact industries and redefine how products are developed and we’re excited to help them scale globally.”
Backed by personalities such as Peter Beck of Rocket Lab, Foundry Lab has built microwave casting technology for enabling same-day turnaround of metal castings. The production-identical parts produced through the technology can be used in mass manufacturing industries where it is not possible for metal 3D printing to reach.
According to Foundry Lab, casting systems that are in use today, such as investment casting, die casting process, and 3D printing sand molds, need production time from one to six weeks.
Foundry Lab said that recently, brake footwear made by it went from CAD files to cast aluminum parts under just eight hours.
Commenting on Foundry Lab Series A round, David Moodie — Foundry Lab CEO and founder, said: “3D printing is great for look-alike parts, but the world runs on real parts, and metal printing can never produce a real casting.
“We’re able to work at speeds 3D printing can only dream of.”
The company’s Digital Metal Casting (DMC) system is said to let users build metal components in any casting alloy used for functional testing prior to mass production.
Apart from Blackbird, Foundry Lab Series A round saw the participation of global and New Zealand investment entities like GD1, Promus Ventures, Founders Fund, WNT Ventures, K1W1, and Icehouse, along with Motional CEO Karl Iagnemma and ex-CEO of Autodesk — Carl Bass.
Foundry Lab said that the series A proceeds will help the company scale its team with roles in RF/microwave engineering, mechanical, mechatronics, software engineering, and simulation.