Mantle Secures $20 Million in Series C Funding to Transform Tooling Industry
July 13, 2024, 9:35 pm
Location: United States, California, San Francisco
Employees: 11-50
Founded date: 2016
Total raised: $45M
In a groundbreaking move, Mantle, a San Francisco-based company specializing in metal 3D printing technology, has successfully raised $20 million in its latest Series C funding round. This significant investment, led by Boston-based private investment firm Schooner Capital, marks a pivotal moment for Mantle as it aims to revolutionize the global tooling industry with its advanced manufacturing platform, TrueShape.
The funding round, which saw participation from Mantle's largest existing investors including 11.2 Capital, Build Collective, Corazon Capital, Fine Structure Ventures, and Foundation Capital, brings the company's total funding to over $61.5 million. This infusion of capital will support Mantle's rapid market expansion, scaling manufacturing to meet increasing demand, and developing new capabilities and materials that will further enhance its innovative technology.
Alexandra Manick, Principal of Schooner Capital, expressed confidence in Mantle's ability to deliver significant cost savings and unprecedented speed for its customers. She highlighted the urgent need for solutions like TrueShape to address persistent skilled labor shortages and accelerate product development timelines for industrial toolmakers and OEMs worldwide. The industry is currently facing a severe labor shortage of toolmakers and skilled tradespeople due to an aging workforce and increased demand, making automation and advanced technology essential for manufacturers looking to stay competitive.
Mantle's expansion in the tooling sector has already garnered attention, with three new customers onboard, including DuPont's subsidiary Spectrum Plastics Group, Heyco Products, and General Pattern. These companies have implemented Mantle's technology to streamline their in-house molding and toolmaking processes, resulting in significantly reduced lead times and labor costs. Heyco Products, for example, has seen tangible benefits from using Mantle's technology, while General Pattern has experienced a drastic reduction in lead time and toolmaker hours.
The success stories of Mantle's customers underscore the substantial time and cost savings that its technology offers in tooling production. Westminster Tool, another satisfied customer, was able to quickly produce complex mold inserts using Mantle's 3D printers, reducing traditional lead times by 50%. Similarly, Nicolet Plastics and Westec Plastics achieved remarkable results by streamlining their toolmaking processes and cutting down production time and labor costs significantly.
Mantle's precision metal 3D printing technology, specifically designed for injection mold tools, has positioned the company as a frontrunner in meeting the evolving needs of the tooling industry. By overcoming the limitations of traditional methods and reducing time and costs for high-quality molds, Mantle's technology ensures precision, surface finish, and tool steel properties required for demanding tooling applications. The company's focus on producing tools for mass production, ranging from deodorant packaging to industrial components and medical devices, has resulted in cost reductions of over 65% and development timeline accelerations of up to 90%.
In addition to Mantle's advancements, other players in the industry are also making strides in the realm of 3D printed tooling applications. French metal 3D printing specialist AddUp recently launched AISI 420 steel material suitable for tooling applications, while BASF's 3D printing division Forward AM introduced Ultrafuse 17-4 PH metal filament tailored for 3D printed tooling applications. These innovations signal a promising future for the 3D printing industry, with new materials and technologies paving the way for further advancements in tooling production.
As Mantle continues to push the boundaries of what is possible in the tooling industry, its latest funding round serves as a testament to the company's commitment to innovation and excellence. With a strong focus on addressing industry challenges, accelerating product development, and delivering tangible benefits to its customers, Mantle is poised to shape the future of tooling with its cutting-edge technology and unwavering dedication to quality and efficiency.
The funding round, which saw participation from Mantle's largest existing investors including 11.2 Capital, Build Collective, Corazon Capital, Fine Structure Ventures, and Foundation Capital, brings the company's total funding to over $61.5 million. This infusion of capital will support Mantle's rapid market expansion, scaling manufacturing to meet increasing demand, and developing new capabilities and materials that will further enhance its innovative technology.
Alexandra Manick, Principal of Schooner Capital, expressed confidence in Mantle's ability to deliver significant cost savings and unprecedented speed for its customers. She highlighted the urgent need for solutions like TrueShape to address persistent skilled labor shortages and accelerate product development timelines for industrial toolmakers and OEMs worldwide. The industry is currently facing a severe labor shortage of toolmakers and skilled tradespeople due to an aging workforce and increased demand, making automation and advanced technology essential for manufacturers looking to stay competitive.
Mantle's expansion in the tooling sector has already garnered attention, with three new customers onboard, including DuPont's subsidiary Spectrum Plastics Group, Heyco Products, and General Pattern. These companies have implemented Mantle's technology to streamline their in-house molding and toolmaking processes, resulting in significantly reduced lead times and labor costs. Heyco Products, for example, has seen tangible benefits from using Mantle's technology, while General Pattern has experienced a drastic reduction in lead time and toolmaker hours.
The success stories of Mantle's customers underscore the substantial time and cost savings that its technology offers in tooling production. Westminster Tool, another satisfied customer, was able to quickly produce complex mold inserts using Mantle's 3D printers, reducing traditional lead times by 50%. Similarly, Nicolet Plastics and Westec Plastics achieved remarkable results by streamlining their toolmaking processes and cutting down production time and labor costs significantly.
Mantle's precision metal 3D printing technology, specifically designed for injection mold tools, has positioned the company as a frontrunner in meeting the evolving needs of the tooling industry. By overcoming the limitations of traditional methods and reducing time and costs for high-quality molds, Mantle's technology ensures precision, surface finish, and tool steel properties required for demanding tooling applications. The company's focus on producing tools for mass production, ranging from deodorant packaging to industrial components and medical devices, has resulted in cost reductions of over 65% and development timeline accelerations of up to 90%.
In addition to Mantle's advancements, other players in the industry are also making strides in the realm of 3D printed tooling applications. French metal 3D printing specialist AddUp recently launched AISI 420 steel material suitable for tooling applications, while BASF's 3D printing division Forward AM introduced Ultrafuse 17-4 PH metal filament tailored for 3D printed tooling applications. These innovations signal a promising future for the 3D printing industry, with new materials and technologies paving the way for further advancements in tooling production.
As Mantle continues to push the boundaries of what is possible in the tooling industry, its latest funding round serves as a testament to the company's commitment to innovation and excellence. With a strong focus on addressing industry challenges, accelerating product development, and delivering tangible benefits to its customers, Mantle is poised to shape the future of tooling with its cutting-edge technology and unwavering dedication to quality and efficiency.