NanoSteel Spins Out Formetrix Inc. for Metal AM
The new business unit aims to commercialize Formetrix's steel alloys for 3D printing processes.
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NanoSteel has announced the spinout of its Additive Manufacturing (AM) business unit into a new corporation named Formetrix. Including other investors Cycad Group and SPDG, Formetrix closed its Series A capital raise to accelerate the commercialization of Formetrix’s steel alloys for 3D printing processes.
Over the last four years, the team has developed novel alloys with material properties that current 3D printable or metal injection molded alloys do not offer, it says. Leveraging NanoSteel’s expertise in steel alloy design, Formetrix’s metal powder portfolio provides a combination of benefits such as higher hardness, higher ductility and higher wear resistance compared to existing alternatives. The company’s initial industry focus is on materials for hot and cold forming tool and dies (i.e. molding, casting and stamping) within the automotive, oil and gas, and heavy machinery markets.
“Formetrix was formed to provide new, high-performance steel alloys to accelerate the adoption of additive manufacturing within the tool and die and aluminum die cast industries,” says David Paratore, president and CEO of NanoSteel. “Growth in these sectors has been limited in part to the lack of suitable materials and we believe we have developed excellent new options.”
In order to support production customer requests, Formetrix has selected AddUp’s FormUp 350 3D printer. “Through the precision capability provided by our new industrial AddUp 3D printer, we can support both prototyping and volume customer needs more effectively and efficiently,” says Harald Lemke, chief commercial officer of Formetrix. “Using the initial FormUp 350 along with additional finishing equipment, Formetrix will continue to expand its service center capabilities.”
“We are driven by the promising value Formetrix offers the additive manufacturing industry,” says Allegra Kowalewski-Ferreira, investment manager of SPDG. “The launch of Formetrix is a powerful milestone that we are excited to be a part of and look forward to its growth as an industry leader.” SPDG is the investment vehicle for the Périer-D’Ieteren family, which co-controls the D'Ieteren Group, together with other family members. The Group’s activities include notably the ownership of both the leading car importer in Belgium and Belron, the global leader in vehicle glass repair and replacement, which operates Safelite in the USA.
The exact terms of the financial transaction have not been disclosed.
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