Additive Assurance closes $4.1 million funding round

Additive Assurance, a Monash University spinout developing in-process quality assurance technology for 3D printing, has announced successful completion of a $4.1 million funding round.

The raise was led by Significant Capital Ventures (SCV) – which will gain a seat on AA’s board – and supported by Hostplus, with existing investors IP Group Australia and Monash Investment Holdings.

The new funds will support hiring of more R&D and business development staff, plus “establishment of an Additive Manufacturing quality assurance centre of excellence” at the company’s Melbourne headquarters.

“This investment further validates the transformative growth opportunity presented by additive manufacturing, our technological advantage in providing quality assurance and our continued market momentum,” said co-founder and CEO Marten Jurg in a statement on Wednesday.

Jurg co-founded the business in 2019 with his former PhD supervisor at Monash, Associate Professor Andrey Molotnikov.

It calls its solution AMiRIS. It uses spectral sensors located outside a machine looking into its chamber, applying machine learning to data from these to detect defects as a part is being made. The technique is currently being used with laser powder bed AM. 

Its first customer was DSTG in 2020, and Additive Assurance says it is currently working with international aerospace and advanced manufacturing customers to help move AM into serial production. A year ago it announced Volkswagen in Germany as a commercial partner.

AMiRIS is an alternative to CT scans, which are currently used to check the structural integrity of parts after they’ve been printed.

Fiona Hindmarsh, CEO of SCV, said: “In a world where supply chain control and quality is going to become increasingly important, Additive Assurance has the opportunity to be adopted on a global scale, reducing time, cost and waste across the industry value chain.”

Picture: credit Additive Assurance

Further reading

AUSTRALIAN ADDITIVE MANUFACTURING INNOVATOR AND VOLKSWAGEN ANNOUNCE PARTNERSHIP

15 MANUFACTURERS AWARDED $7.16 MILLION IN COMMERCIALISATION FUND GRANTS