As the pace of digital transformation in manufacturing continues to accelerate, Fictiv announced a new $35 million round of funding led by 40 North Ventures to expand Fictiv’s Digital Manufacturing Ecosystem. Honeywell, Sumitomo Mitsui Banking Corp., Adit Ventures, and M20 also participated, along with previous investors including Accel, G2VP, and Bill Gates.
This brings Fictiv’s total investment to $92 million since it was founded in 2013. The Series D investment will be used to advance its cloud-based platform technology and invest in its supply chain operations and network infrastructure.
“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, co-founder and CEO, 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.”
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 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. 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.
“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.”
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.
“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.”
Fictiv co-founder Nate Evans recently spoke about “The Economic Impact of Digital Manufacturing for Robotics” in our RoboBusiness Direct series. He explored the quantifiable economic impact of digital manufacturing ecosystems as a cost-efficient, low-risk bridge to digital transformation. The centerpiece of the discussion was Fictiv’s case study of HEBI Robotics and the economic impact this transformation had on HEBI’s bottom line as well as its time to market. You can listen to the session on demand here.
Dave Evans was also recently a guest on The Robot Report Podcast. He discussed the importance of designing robots for manufacturability and how to overcome manufacturing and supply chain problems. Dave cited specific case studies, including how Fictiv helped Gecko Robotics. You can listen to that podcast below. The conversation with Dave Evans begins at the 4:53 mark.