Magnus Metal, a company pioneering digital metal casting technology, raised $74 million in Series B funding. This funding will accelerate the industrialization of their Digital Casting technology, which combines additive manufacturing for metal alloys with the ability to produce 1 ton of parts per day.
According to the company, the process innovates the centuries-old metal casting industry by providing a fully automated Industry 4.0 solution that is faster, safer, more environmentally friendly, while improving quality and reducing costs. It blends benefits of additive manufacturing and traditional casting while avoiding drawbacks, enabling a streamlined supply chain, digital inventory, and remote manufacturing without traditional foundry infrastructure.
The data-driven Digital Casting process requires 40-60% less raw material, produces 10-20% stronger parts, and saves 6-18 weeks by removing tooling needs. It enables more efficient, sustainable casting by shortening design-to-manufacturing cycles, efficiently using materials, and elevating quality control.
"Magnus Metal's technology is at the forefront of the digital casting revolution in metal production, forging transformations in sustainability, flexibility of design processes and massively reducing the time spent in development", Boaz Vinogradov, CEO of Magnus Metal, said. "We remain faithful to the industry's 4000 years of tradition, while reimagining and refashioning how metals parts are produced for modern purposes. We are excited to bring our unique capital equipment, industry 4.0 environmentally friendly, advanced processes and digital knowhow and apply them to the metal casting process, driving it into a new digital era."
"We co-led this investment based on customers' demand for Magnus Metal's solution in order to on-shore production lines to overcome supply chain and quality issues. Digital Casting is the only technology that allows reduction of production cost, meeting environmental regulation, meeting and surpassing quality standards and increase business agility with shortened delivery time and increase customization," Ran Achituv from Entrée Capital said. "It is the only solution that doesn't require new engineering and design as it digitally casts parts using the current customer's raw materials."
