Metal additive manufacturing producer Aurora Labs is raising up to $3.5 million to speed uptake of its 3D metal printers and powders.
The Perth company has received firm commitments to raise $2 million in a share placement with investors, and now plans to raise up to $1.5 million through a share purchase plan for existing shareholders.
Funds will primarily be applied to a new development pathway for its RMP-1 printer, including R&D costs, patent costs, plant and equipment and working capital.
Aurora says its large-format printers are the world’s fastest and largest direct metal 3D printers, offering production capacity of 150kgs a day.
They are capable of handling a range of metals including titanium, bronze and aluminium alloys.
Aurora CEO Peter Snowsill said: “This funding will enable Aurora to progress our RMP-1 printer to commercial readiness in line with our recently announced technology development pathway.”
Revealed by @AuManufacturing in July, the pathway switches its strategy away from engineering and manufacturing towards a licensing and royalty business model.
Picture: Aurora Labs/S-Titanium Pro
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