About the Startup Company
Fortify is a Boston-based advanced additive manufacturing business that specializes in optimizing composite material 3D printing. Founded in 2016, the startup company invented and patented magnetic 3D printing, or Fluxprint, and has been able to bring its innovative Digital Composite Manufacturing (DCM) to several key industries, including tooling, aerospace, and automotive.
Since the business is privately held, there is no information available regarding net worth. That said, the startup company has been able to raise $32.5 million over several funding rounds. The most recent funding round was the largest one yet for the company as it raised $20 million.
Fortify’s $20 Million in Funding
The startup company announced today it raised $20 million in a Series B round of financing led by Cota Capital. Accel, Neotribe Ventures, and Prelude Ventures were also investors in this round.
Bobby Yazdani, founder and partner at Cota Capital, said, “The additive manufacturing market is rapidly expanding, and we believe that Fortify is unlocking one of the key barriers to growth of the industry: advanced materials...We are excited to collaborate and support the company as it continues to redefine advanced manufacturing.”
The business plans to use the new funding to expand its team, increase expansion in “high-value application spaces,” start manufacturing of the Flux series 3D printers, and speed up time to the market for ongoing material development programs.
Josh Martin, co-founder and CEO of the startup company, said, “Fortify has been focused on proving the viability of our product and market opportunity over the past 18+ months, and exceeded our goals set at the beginning of 2020...This next round will expand our go-to-market footprint in key verticals such as injection mold tooling while enabling us to capture market share in end-use electronic devices.”
The Manufacturing Industry
The 3D printing industry is experiencing exponential growth and is expected to grow even more in the next couple of years. The worldwide market for 3D printing products and services is expected to exceed $40 billion by 2024 — a CAGR 26.4%.
In addition to Fortify, other additive manufacturers have made some big strides. In February, Desktop Metal announced it acquired EnvisionTEC, a business that provides volume production photopolymer 3D printing solutions and is valued at $300 million. Markforged revealed in late February that the business would be going public via a $2.1 billion SPAC deal, or special purpose acquisition company.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.