As the pace of digital transformation in manufacturing continues to accelerate, Fictiv has raised $35 million in new funding led by 40 North Ventures to “aggressively 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, bringing Fictiv’s total investment to $92 million.
The Series D investment will be used to advance its proven cloud-based platform technology and invest in its supply chain operations and network infrastructure.
Marianne Wu, managing director at 40 North Ventures, says: “At 40 North Ventures we invest in companies that are shaping the industrial future.
“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.”
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 unique 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 with a level of quality and precision that other on-demand services and marketplaces have been unable to achieve.
To date, Fictiv has produced more than 12 million parts for both early-stage companies and large enterprises in cutting-edge industries like robotics, aerospace, automotive, and medical devices.
Kamal Vasagiri, director of venture capital investments at Honeywell, says: “There is an immense opportunity for digital transformation in the manufacturing sector.
“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.”
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.
Dave Evans, CEO at Fictiv, says: “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.
“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.”