This latest funding round will fuel continued growth to meet demand for Fictiv’s quality-driven approach to on-demand manufacturing
SAN FRANCISCO (GLOBE NEWSWIRE) — As the pace of digital transformation in manufacturing continues to accelerate, Fictiv today announced a new $35M round of funding led by 40 North Ventures to aggressively expand Fictiv’s groundbreaking Digital Manufacturing Ecosystem. Honeywell, Sumitomo Mitsui Banking Corp., Adit Ventures, and M20 also participated, along with previous investors including Accel, G2VP, and Bill Gates, bringing Fictiv’s total investment to $92M. The Series D investment will be used to advance its proven cloud-based platform technology and invest in its supply chain operations and network infrastructure.
“At 40 North Ventures we invest in companies that are shaping the industrial future,” said Marianne Wu, managing director at 40 North Ventures. “Fictiv has rapidly established itself as the gold standard for digital transformation in the manufacturing and supply chain sectors, helping companies of all sizes and industries modernize their efforts to realize superior speed, quality, and efficiency.”
By using technology to streamline the entire manufacturing process from quote to delivery, Fictiv has achieved a level of manufacturing speed and agility that has long confounded the traditional contract manufacturing industry. In particular, its commitment to radical transparency and unique use of artificial intelligence and machine learning for manufacturability feedback gives customers an unparalleled ability to streamline complex development workflows. When combined with its highly vetted and managed network of global manufacturing partners, Fictiv offers its customers ultimate manufacturing flexibility with a level of quality and precision that other on-demand services and marketplaces have been unable to achieve. To date, Fictiv has produced more than twelve million parts for both early-stage companies and large enterprises in cutting-edge industries like robotics, aerospace, automotive, and medical devices.
“There is an immense opportunity for digital transformation in the manufacturing sector,” said Kamal Vasagiri, Director of Venture Capital Investments at Honeywell. “Fictiv’s traction with enterprise companies like Honeywell, combined with the potential for scale inherent in their digital ecosystem model, gives us confidence that Fictiv is truly building the future of manufacturing.”
Despite a striking pandemic that shocked the manufacturing industry in 2020, Fictiv was able to seamlessly continue operations through its digital thread of optimized manufacturing services and more than double its revenue for CNC machining and 3D printing services. Additionally, in Q3-2020 Fictiv launched a landmark set of transparency features that provides customers with real-time part photos and inspection data from the factory floor.
“The challenges of the past year have demonstrated the value of a digital approach to manufacturing and Fictiv’s ability to support partners’ needs despite unprecedented disruption,” said Dave Evans, CEO at Fictiv. “We are thrilled to welcome these new investors as we rapidly accelerate growth to meet the increasing demand for our quality-driven approach to on-demand manufacturing.”
To learn more about Fictiv, please visit https://www.fictiv.com.
Fictiv offers manufacturing agility and speed through a portfolio of optimized manufacturing processes for hardware companies of all sizes. Its Digital Manufacturing Ecosystem combines an easy-to-use cloud platform; design, quoting, billing and logistics systems; and an intelligent orchestration engine that manages a network of highly vetted and managed manufacturing partners that together deliver high-quality mechanical parts at unprecedented speeds. The ecosystem is supported by “boots-on-the-ground” experts to manage programs and inspect quality along the way. Over the last six years, Fictiv has manufactured more than 12M parts for early-stage companies and large enterprises alike, helping them innovate with agility and increase supply chain predictability. www.fictiv.com
About 40 North Ventures
40 North Ventures is 40 North’s early-to-growth stage venture capital fund focused on technologies in the industrial sector that enable businesses to be more data-driven, agile, consumer-centric and environmentally sustainable. For more information, please visit: 40north.vc.