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Fictiv raises $15 million for its virtual manufacturing platform

Startup company Fictiv says it has raised $15 million in Series B funding. 

The funding round included Accel, Intel Capital, FJ Labs, Tandon Group, Stanford-StartX Fund, and Bill Gates.

The on-demand manufacturing services provider also demonstrated new workflow optimization tools and unveiled offices in Guangzhou, China. 

Fictiv says manufacturing has become global but remains rooted in “outdated time-intensive processes”, and that its “modern approach” has proven to be a “disruptive force” in hardware manufacturing.

The company says its services are used by Silicon Valley innovators in electric and autonomous automobiles, medical robotics and consumer electronics.

Fictiv CEO and co-founder Dave Evans says: “Fictiv is creating a new world order in which software is democratizing access to fast, high quality manufacturing.

“We are thrilled to have these global investors on board, helping us reimagine manufacturing as more efficient and effective for both engineers and manufacturers.”

This new round brings Fictiv’s total venture funding raised to $25 million.

The additional infusion of capital will be used to grow Fictiv’s global network of manufacturers and to introduce new digital tools geared towards automating and optimizing workflows for hardware teams and manufacturers.

Fictiv CXO and co-founder Nate Evans says: “Fictiv is obsessed with continuous improvement.

“By capturing and analyzing customer data, Fictiv is uniquely able to guide customers through the manufacturing process, remove inefficiencies, and help teams make better decisions.

“The intelligence built into the Fictiv system provides an unparalleled customer experience.”

Fictiv says its software-driven approach supports “the entire product development cycle – from prototype to production”.

It allows hardware teams that are under pressure, juggling multiple projects against tight timelines, to significantly reduce time spent sourcing and managing vendors, securing quotes, and clarifying requirements.

Key features of the platform include:

  • A private workspace where hardware teams collaborate on projects, provide design feedback, resolve issues, and manage file revisions;
  • Intelligent algorithms that power automated quoting and manufacturability feedback to shave weeks off a typical project schedule;
  • Smart matching system to instantly assess capacity and capabilities for the pairing of projects to manufacturers;
  • A thoroughly vetted network of over 200 worldwide manufacturers to support requests ranging from local rapid prototyping to overseas production projects;
  • A centralized online system for operations teams to track and manage orders, schedules, and shipments; and
  • Quality control systems that test and review parts before delivery.

Fictiv says its “dual marketplace approach” also benefits manufacturers. Those manufacturing partners that meet Fictiv’s quality and performance standards can maximize even small windows of capacity through the platform’s intelligent routing system, unlocking more consistent work.

To date, Fictiv says top performers have earned over $1 million on its platform.

Chris Evdemon, partner and CEO of Sinovation North America, says: “Fictiv is a disruptive, modern approach to manufacturing that provides enormous benefit to hardware development teams across a range of industries, from high volume automotive manufacturers to consumer electronics startups.

“We’re excited to be a part of a company that is bringing much-needed innovation to this sector, and to help the company expand to and benefit from China’s manufacturing industry.”