WELLINGTON, New Zealand, Nov. 29, 2021 /PRNewswire/ -- Digital metal casting startup Foundry Lab emerged from stealth today, announcing a US$8M Series A raise led by Blackbird and showcasing their ability to create functional metal parts in less than a day. With growing interest from automotive industry giants and backed by the likes of Peter Beck of Rocket Lab, the startup is on a mission to make metal casting as easy as a microwave dinner.
Based in Wellington, New Zealand, Foundry Lab has developed microwave casting technology that makes same-day turnaround of metal castings possible. These production-identical parts have applications in mass manufacturing industries where metal 3D printing cannot reach.
Existing casting systems like investment casting, 3D printed sand molds and die-casting require a 1-6 week production time. Recently, brake shoes cast by Foundry Lab went from CAD files to cast aluminum parts in less than 8 hours. Foundry Lab's Digital Metal Casting (DMC) system allows users to create metal parts in any casting alloy for functional testing before mass production.
In addition to Blackbird, the Series A round includes global and New Zealand investment leaders such as GD1, Founders Fund, Promus Ventures, WNT Ventures, Icehouse, and K1W1, as well as Motional CEO Karl Iagnemma and former Autodesk CEO Carl Bass.
"3D printing is great for look-alike parts, but the world runs on real parts, and metal printing can never produce a real casting," says Foundry Lab CEO and founder David Moodie. The team's focus on production-identical metal castings is being proved out with the successful production of parts like brake shoes. "We're able to work at speeds 3D printing can only dream of."
"Foundry Lab has the chance to impact industries and redefine how products are developed and we're excited to help them scale globally," says Samantha Wong of Blackbird Ventures.
Bringing together deep domain experts such as Beck and Iagnemma alongside some of Australia and New Zealand's leading investors was important for the company's global growth aspirations.
The Series A investment will help Foundry Lab scale the team with roles in RF/microwave engineering, mechatronics, mechanical, simulation and software engineering hiring at the moment.
SOURCE Foundry Lab