Startup, Chromatic 3D closes on more than $5 million to advance its new generation of 3D materials
This investment will enable Chromatic to transition from early tech development to solid production-grade parts going out to customers, as well as advance its growth trajectory.
Today Chromatic 3D Materials, a leading reactive 3D-printing startup and inventor of the next generation of 3D printing materials, announced the close of an additional financing round of more than $5 million, with funding being led by Embedded Ventures, a new venture capital firm investing in dual-use space startups beyond launch. This round included participation from Golden Seeds, a firm focusing on female-led companies, and Oyat Invest AG, who also led Chromatic's previous financing. With headquarters in Minnesota, United States and the North Rhine-Westphalia region of Germany—where Chromatic has been active in developing accounts in the defense, rail and industrial-equipment sectors—this round will help Chromatic continue commercial introduction of its proprietary technology for 3D printing industrial-grade elastomeric materials and fund its integrated team.
"I'm so excited to welcome Embedded Ventures not only to our financing team, but also as a member of our board of directors," said Dr. Cora Leibig, CEO of Chromatic. "They have a clear understanding of what it takes not only to develop deep technology, but to propel that technology into a successful business."
This investment will also enable Chromatic to transition from early tech development to solid production-grade parts going out to customers, as well as advance its growth trajectory. It will help finance and continue to build their novel platform, developed technology, in which no subtlety is overlooked. The organization expects to double its headcount by 2023.
"Cora and the Chromatic team have been doing unique work for a long time, and their novel approach is a game changer for the existing 3D printing ecosystem." said Jenna Bryant, Co-Founder, CEO and General Partner of Embedded Ventures. "They've developed harnessing chemical reactions within their 3D printers, rather than just melting feedstock, resulting in better parts unlike anything in the advanced manufacturing ecosystem today."
"Chromatic is uniquely suited for sectors looking for demanding material properties that are only possible with Chromatic's 3D printers, including aerospace and defense," said Jordan Noone, Co-Founder, CTO, and General Partner of Embedded Ventures. "Chromatic develops its own cutting edge materials and printing process to deposit those materials to make parts not possible with traditional manufacturing."
Chromatic's work with the U.S. government closely aligns with Embedded Venture's dual-use thesis and desire to support companies supporting national security interests. The company has current and past work with both the United States Army and United States Navy.
About Chromatic 3D Materials Chromatic 3D Materials was founded in 2016 by Cora Leibig, PhD. A veteran of the materials industry, Leibig realized that many materials crucial to medicine, defense, industrial equipment, and vehicles were not yet viable for 3D printing. With that in mind, she built a company to deliver the materials, software, and printers required to 3D print durable, functional and flexible elastomers. The Chromatic team has also been active in developing accounts in the rail and industrial-equipment sectors in Germany. Chromatic was awarded Phase I and II SBIR grants from the National Science Foundation in 2017 and 2019, respectively.
For more information, please visit www.c3dmaterials.com.
About Embedded Ventures Launched in 2020, Embedded Ventures is a next generation venture capital firm investing in dual-use space startups beyond launch, best described as "The VC Remix," named both for their unique investment approach and backgrounds. Co-Founders Jenna Bryant, a former tech recruiter specializing in "hard to fill" engineering roles for early-stage startups, and Jordan Noone, co-founder and former CTO of 3D-printing rocket startup Relativity Space, both have atypical industry experiences and strong passions for the communities they represent. The firm prefers to invest in the pre-seed and seed stage startups focused in areas beyond space launch, and extending to advanced manufacturing, digital engineering and domestic supply chain solutions.
To learn more about Embedded Ventures, please visit its website, Medium, Twitter, Twitch and YouTube pages. Embedded Ventures has started to invest in multiple startups, and will have many portfolio company announcements to share over the next few months.