Lego, Black and Decker Invest in Stratasys Spinoff Evolve Additive Solutions $19M Round
Just months after launching as an independent company, Stratasys spinoff Evolve Additive Solutions has completed a $19 million funding round. The Lego Brand Group served as lead investor, while Stanley Black and Decker Investments and an undisclosed third investor also contributed.
Evolve Additive Solutions was conceived by Stratasys, the 3D printing company with a split headquarters in Israel and Eden Prairie, with a specific focus of developing its Selective Thermoplastic Electrophotographic Process (STEP) to be market ready. STEP is Evolve’s proprietary technology, designed to deliver high-volume production additive manufacturing capabilities at faster speeds than its competition.
“We are excited to have forged equity partnerships with world leading companies that recognize the production potential of STEP,” said Steve Chillscyzn, CEO of Evolve Additive Solutions, in prepared remarks.
Chillscyzn said the newly raised capital will help Minnetonka-based Evolve enter a new growth phase, as it will begin commercial development of the STEP technology.
Merging proven electrophotography with Evolve’s own technology, STEP enables the utilization of production-grade thermoplastics for extensive manufacturing applications across the consumer, automotive, industrial and medical markets, among others.
“We are excited about the potential impact that Evolve’s unique Additive Manufacturing technology could have on the production of high-quality medium volume plastic components for a number of our product categories,” said Tim Hatch, chief technology officer for Stanley Engineered Fasteners, in a statement.
Per Hjuler of LEGO Brand Group’s business development division noted that the toy company has used additive manufacturing technology for more than 20 years – now, primarily to create prototypes of new products during the development stages. Hjuler said the company is interested in Evolve’s STEP technology particularly for how it might boost LEGO’s injection molding capabilities.
“With Evolve Additive Solutions we have found a very competent partner within this area,” said Hjuler.
The STEP technology was under development within Stratasys for eight or nine years, said an Evolve spokesperson, until Evolve was launched as a wholly Stratasys-owned subsidiary in July 2017. Stratasys is also a minority shareholder in the company.
The spokesperson said this equity investment round is the first funding obtained under the now independent umbrella of Evolve Additive Solutions. BNP Paribas served as Evolve’s financial advisor for the investment deals.