This funding round will accelerate the industrialization of Magnus Metal’s revolutionary Digital CastingTM technology, maintaining its position as the only company combining additive manufacturing technology for metal alloys, with the ability to produce 1 ton of parts a day.
TEL AVIV, Israel, April 18, 2024 — Magnus Metal, a pioneering technology in industrial, high volume digital casting for metal alloys, today announced it has raised $74 million in Series B funding, co-led by Entrée Capital and Target Global with additional participation from Caterpillar Ventures, Tal Ventures, Deep Insight Ventures, Awz Ventures, Lumir Ventures, Discount Capital, Lip Ventures, Cresson Management, Next Gear Fund and Essentia Venture Capital. Magnus Metal will use the latest capital to further develop its innovative casting technologies, while expanding its operations locally and globally to support its Fortune 100 customers.
Magnus Metal innovates the centuries-old metal casting industry by providing an Industry 4.0-based fully automatic manufacturing solution that makes the process faster, safer, and environmentally friendly while both improving quality and reducing cost. Magnus Metal is the first and only additive manufacturing technology that uses the Customer’s current metal raw material providing huge benefits in adoption rate.
The Digital CastingTM technology blends the benefits taken from both additive manufacturing and traditional casting, while avoiding the typical associated deficiencies, allowing for a streamlined and flat supply-chain, digital inventory, and remote manufacturing hubs, without the need for a traditional foundry infrastructure.
US manufacturing is predicted to have 2.1 million unfilled jobs by 2030, according to Deloitte. This puts significant pressure on the production line in metal plants and has encouraged the industry to start embracing automation. This and other challenges such as tightening environmental regulations, natural resource limitations, global supply chain disruptions, and more create obstacles for metal casting foundries, as well as great opportunities for innovation like Magnus Metal. Magnus Metal addresses and alleviates the multiple burdens impacting metal manufacturing, enabling a more efficient and intuitive casting process with a more bespoke, sustainable final product.
“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”, says Boaz Vinogradov, CEO of Magnus Metal. “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.”
Magnus Metal’s Digital CastingTM solution, which adopts Industry 4.0 standards, leads to vastly improved safety, sustainability and financial outcomes. Its data-driven process results in marked efficiencies, requiring 40-60% less raw material, significantly lowering the overarching cost and decreasing the burden on natural resources. The removal of traditional tooling means time savings of between 6-18 weeks while producing parts that are of lower defectivity and 10-20% stronger than the conventional alternative.
“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 increased customization.” said Ran Achituv from Entrée Capital. “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.”
Magnus Metal’s sophisticated process allows up to 1 ton of solid metals to be manufactured in a fully controlled environment, customized and crafted within their purpose-built, standalone platform, enabling a production lifecycle that depends on less material, manpower and time. Magnus Metal is the only additive manufacturing company that meets the American Society for Testing and Materials standards for iron. Through Magnus Metal, the design-to-manufacturing cycle is shortened, raw materials are efficiently used and quality control is elevated – this is metal casting at the cutting edge.
About Magnus Metal
Magnus Metal is taking casting, a 4000 years old technology, to the digital, Industry 4.0 era, with its breakthrough volume alloy Digital CastingTM System, process and proprietary materials. The company is focused on the industrialization of novel machine, components, materials and processes, developing a range of products from chassis and structural parts for vehicles, agriculture equipment, construction equipment, trucks and trains, to industrial, robotics or tooling machinery. Magnus Metal is working with Fortune 100 companies and world-leading OEM manufacturers.
Press Contact:
Gavin Horwich, Campaign PR
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SOURCE Magnus Metal
