Massivit3D to go public on Tel Aviv Stock Exchange via IPO at $200 million valuation

Israeli large-format 3D printing firm Massivit3D is set to go public on the Tel Aviv Stock Exchange (TASE) imminently, sources “close to the matter” have told Globes

Before the Initial Public Offering (IPO) goes ahead, market sources believe that Massivit3D aims to raise $50 million in funding, in a deal valuing the company at $200 million. Although it’s currently unclear where this investment will come from, interior design firm Klil Industries and 3D printer manufacturer Stratasys have provided funding in the past. 

“In future, one of the main barriers to adopting 3D printing will be speed,” said Erez Zimerman, CEO of Massivit3D. “That’s why Massivit has developed our technology, in which we can print at least 30 times faster than related systems, and this will allow more and more companies to adopt 3D printing on the industrial side.”

Massivit’s 3D printing technology 

Founded in 2013 and based in the Israeli city of Lod, Massivit3D manufactures and markets large-format 3D printers, in addition to an accompanying array of materials and software. The company’s product range is essentially designed to enable clients in the engineering and architectural markets to create scale one models and parts quickly and cost-effectively. 

Massivit3D’s newest system, the ‘Massivit3D 10000,’ is set to be launched in fall 2021, and is built to address the tooling requirements of those in the automotive and aerospace sectors. The printer operates using the firm’s Cast-In-Motion (CIM) technology, in which a gel is cured, cast into shape, and immersed in water to allow sacrificial materials to break off. 

The machine features a large build volume, that enables users to fabricate complex tooling designs in vast numbers, while accelerating the process of iterating new product designs. Although Massivit3D hasn’t specified the exact build area of its upcoming machine, it does claim that it’s “at least 30 times faster” that similar casting-based systems.

At present, the company holds 52 technology patents, and it has received five contingent purchase orders from clients in the U.S, U.K, France and Taiwan. With its application to be listed on the TASE, Massivit3D is now attempting to accelerate the commercialization of its technology, and expand further into the architecture and renewable energy markets.

The $200 million TASE IPO 

Given that Massivit3D isn’t a publicly-listed company just yet, there’s very little information about its finances in the public domain. However, it’s understood that the firm has raised around $20-$30 million in previous funding rounds, with investors including Klil’s Zvi Neta and Tzuri Daboosh as well as Stratasys. 

Whether Massivit3D’s IPO is financed by these investors again or the company finds new backers remains to be seen, but it has been confirmed that equity firm Poalim IBI will underwrite the offering. Massivit3D’s valuation appears to be based on its earnings and technological potential, and it reportedly turned over $50 million in revenue from 2017 to 2019. 

Although it has also been reported that the company’s sales in 2020 were impacted by the pandemic, it’s now understood to be entering revenue recovery like the rest of the 3D printing industry. 3D Systems, for instance, recently posted strong initial Q4 2020 results, while PyroGenesis’ financial guidance projected growth of over 300%.

Massivit3D was also co-founded by Gershon Miller, a seasoned entrepreneur who has sold firms like Idanit to Scitex before, and most recently sold Objet to Stratasys. As a result, the company’s offering appears to be in safe hands, while more generally, its progress reflects a growing industry enthusiasm for IPOs. 

Desktop Metal went public on the NYSE last year after a merger with Trine Acquisition, which saw the company raise $580 million in capital, effectively funding its $300 million acquisition of EnvisionTEC. Israeli tech firms have also been active on the TASE recently, with additive food company Meat-Tech 3D filing for an IPO in November 2019. 

3D printing on a grand scale

Massivit3D isn’t the only company that manufactures large-format 3D printers, and a range of other scalable systems have developed in recent years. 

Intech Additive Solutions, for instance, has launched its large-format iFusion LF series of metal 3D printers. The machines’ 450 x 450 x 450mm build volumes and broad metal compatibility are geared towards Indian manufacturers operating in the aerospace and automotive sectors. 

Last year at Formnext Connect, German 3D printer manufacturer SLM Solutions launched its large-format challenger with its new NXG XII 600 system. The machine includes a huge 600 x 600 x 600 mm build envelope and twelve optimized 1 KW lasers, that allow it to address the needs of large-volume serial production clients. 

Elsewhere, in a more application-focused approach, 3D Systems is developing the “world’s largest 3D printer” for the U.S. Army. The machine’s 1m x 1m x 600mm build area is designed to enable the fabrication of parts that address the ammunition, vehicle, helicopter, and missile defense demands of the Armed Forces. 

Please do read the original article by Paul Hanaphy here.

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PRESS RELEASE: Desktop Metal to Acquire EnvisionTEC, Entering Market for Volume Production Polymer Additive Manufacturing

EnvisionTEC’s Category-leading Product and IP Portfolios Expand Desktop Metal’s Reach to Photopolymer 3D Printing, Digital Biofabrication, and Digital Casting Markets, Offering Go-to-Market Synergies Via Robust, Vertically-Focused Dental and Jewelry Channels

BOSTON, MA and DEARBORN, MI (January 15, 2021) – Desktop Metal, Inc. (NYSE: DM), a leader in mass production and turnkey additive manufacturing solutions, today announced the signing of a definitive agreement to acquire EnvisionTEC, a leading global provider of volume production photopolymer 3D printing solutions for end-use parts, for total consideration of $300 million, consisting of a combination of cash and newly issued Desktop Metal stock. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions. Following completion of the acquisition, EnvisionTEC will operate as a wholly owned subsidiary of Desktop Metal. EnvisionTEC founder Al Siblani will continue to serve as Chief Executive Officer of the EnvisionTEC business.

“I’m thrilled to partner with Al and the EnvisionTEC team to bring significant growth to the additive market,” said Ric Fulop, Founder and Chief Executive Officer of Desktop Metal. “EnvisionTEC is a true pioneer and responsible for many of the leading technologies widely used today to produce end-use photopolymer parts through additive manufacturing. Together, Desktop Metal and EnvisionTEC have an opportunity to shape the future of Additive Manufacturing 2.0 and transform how parts are made around the world. I look forward to welcoming EnvisionTEC to the Desktop Metal team to deliver world-class additive manufacturing solutions that help make our customers successful.”

“I am excited and honored to partner with Ric and the Desktop Metal team to deliver end-use parts in both metal and polymers as we implement Ric’s vision on the future of Additive Manufacturing 2.0,” said Siblani. “Bringing the two companies together will deliver a global footprint of customers that can cross-benefit from our combined technology platforms. I believe we have many opportunities to scale the business, disrupt traditional manufacturing, expand our customer base, and create value for our shareholders.”

Acquiring a Category Leader with a History of Innovation

As the original inventor of digital light processing (DLP) 3D printing technology, EnvisionTEC has one of the strongest intellectual property portfolios in the area-wide photopolymer 3D printing market, counting over 140 issued and pending patents, which Desktop Metal believes includes blocking intellectual property.

Today, EnvisionTEC has over 5,000 customers across a broad range of industries, including medical devices, jewelry, automotive, aerospace, and biofabrication. In addition, the company is a leader in the dental market, more than tripling the number of Envision One dental shipments from 2019 to 2020 and with over 1,000 dental customers now using its printers for end-use parts. Key customers include Cartier, Celgene, Ford, Hasbro, Oral Arts, Stuller, and Smile Direct Club. In addition to extensive customer adoption, EnvisionTEC has a broad library of over 190 materials, featuring photopolymer resins with material properties in-line with or exceeding those of thermoplastics and multiple FDA-listed and 510(K)-cleared resins for the manufacturing of medical devices. The company augments its robust proprietary material development efforts with a selectively open business model, leveraging relationships with major chemical companies such as Henkel Loctite, DSM Somos, Detax, Keystone, and Arkema to sell third-party, industry-validated resins for use with its additive manufacturing platforms.

Expanding a Unified Product Portfolio Across Metals, Composites, and Polymers

EnvisionTEC brings a compelling product portfolio for producing photopolymers under Desktop Metal’s umbrella, including the new Envision One and Xtreme 8K printing platforms designed for cost-effective volume production. The Xtreme 8K platform, which is expected to begin commercial shipments in the first quarter of 2021, features the largest build area among production-grade DLP printers. The Xtreme 8K leverages patented projection array technology and is capable of delivering build speeds up to 100 times those of legacy thermoplastic 3D printers (1) and at a fraction of the hardware price of comparable solutions. The Envision One platform, which includes models for dental, medical, and industrial segments and for high temperature resins, leverages patented continuous digital light manufacturing (cDLM) and domeless basement technologies to deliver high-speed, end-use parts production with exceptional accuracy.

EnvisionTEC is also a pioneer in digital biofabrication additive manufacturing with its Bioplotter platform, which supports the production of biocompatible parts for medical applications such as bone regeneration, cartilage regeneration, soft tissue fabrication, drug release, and organ printing.

Scaling Distribution and Access to New Verticals Through Complementary Channels

The acquisition more than doubles Desktop Metal’s global distribution network and increases its geographic sales capabilities to 68 countries around the world. EnvisionTEC adds a robust set of vertically-focused partners in the dental and jewelry markets, which Desktop Metal plans to leverage to sell its metal additive manufacturing solutions. In addition, Desktop Metal’s horizontally-focused channel partners will provide an outlet for distributing EnvisionTEC products and scaling its sales, particularly in industrial, education, and R&D segments.

Leveraging Desktop Metal Technology to Advance Digital Casting Solutions

Through this acquisition, Desktop Metal will gain digital casting capabilities via EnvisionTEC’s industrial-scale robotic additive manufacturing (RAM) product platform. EnvisionTEC’s RAM systems, which are available for as little as one-fourth of the price of slower legacy alternatives, use patented technology to produce mold cores and investment casting patterns for foundry applications using either Polymethyl Methacrylate (PMMA) or silica sand. Desktop Metal plans to significantly advance the performance of this platform with the proprietary and patent-pending Single Pass Jetting™ technology originally developed for its Production System™ to drive productivity enhancements and improve part economics across builds as large as 1.8 x 0.9 x. 0.9 meters.

Conference Call Information

Desktop Metal will host a conference call on January 15, 2021 at 8:15 a.m. ET to discuss the transaction. The conference call will be webcast simultaneously to the public through a link on the Investor Relations section of Desktop Metal’s website, www.ir.desktopmetal.com.

(1) Based on print time estimates for professional and industrial extrusion-based 3D printers and using comparable layer thickness and materials.

 

About Desktop Metal

Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum and named to MIT Technology Review’s list of 50 Smartest Companies.

For more information, visit www.desktopmetal.com​.

Desktop Metal believes that it can improve the performance of EnvisionTEC’s RAM platform by integrating its proprietary SPJ technology. Photo via Desktop Metal.
Desktop Metal’s acquisition of EnvisionTEC could enable it to access the growing 3D printed dental and medical device markets. Photo via PostProcess.

About EnvisionTEC

EnvisionTEC is a leading global provider of professional-grade 3D printing solutions. Founded in 2002 with its pioneering commercial DLP printing technology, EnvisionTEC now sells more than 30 printer configurations based on five distinct technologies that build objects from digital design files. The company’s premium 3D printers serve a variety of medical, professional and industrial markets, and are valued for precision, surface quality, functionality and speed.

For more information, visit www.envisiontec.com

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PostProcess Technologies Live Solution Experience Tours in 2021

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Desktop Metal Expands Its Production System Lineup with New Printer Designed to Bridge Process Development and Full-scale Metal Parts Mass Production

The New P-1 Joins the Production System P-50 to Offer Single Pass Jetting Technology for Process Development and Serial Production Applications

  • Expanding the Production SystemTM lineup, the new P-1 bridges benchtop process development and mass production for customers looking to scale to an industrial, high-volume additive manufacturing capacity
  • The P-1 offers Desktop Metal’s patent-pending Single Pass JettingTM (SPJ) technology in an inert environment with a smaller 1-liter form factor designed to print a full layer in less than 3 seconds

  • Full P-1 builds can be printed in less than one hour and process parameters transfer directly to the P-50, making the P-1 an ideal tool to develop materials and validate new applications without taking P-50 hardware offline from mass production jobs; the P-1 is also well-suited for running serial production of small, complex parts

  • Desktop Metal has begun shipments of the P-1, with Ford Motor Company as a key initial customer

  • The P-50, the flagship Production System printer, is designed to achieve speeds up to 100 times those of legacy powder bed fusion (PBF) additive manufacturing technologies(1), remains on schedule to begin volume commercial shipments in 2021, paving the way for the mass production of end-use parts, and unlocking throughput, repeatability, and part costs competitive with conventional mass production techniques

December 17, 2020, BOSTON, MA – ​Desktop Metal​ (NYSE: DM), a leader in mass production and turnkey additive manufacturing solutions, today announced the new P-1 printer has begun global shipments and joins the Production SystemTM lineup alongside the flagship P-50 printer. Designed to serve as a bridge from process development to full-scale mass production of end-use metal parts, the P-1 leverages the same patent-pending Single Pass JettingTM (SPJ) technology and core additive manufacturing benefits for companies and research institutions alike at the size and scale of serial production. The P-1 is now available for order and has already begun to ship to initial customers, including to the Ford Motor Company, which will receive its printer this month.

“We know industrial businesses around the world are eager to begin working with the Production System P-50 and benefit from the fastest, most cost-effective way to manufacture metal parts of all levels of complexity at-scale,” said Ric Fulop, CEO and co-founder of Desktop Metal. “Adding the P-1 to our Production System portfolio serves as a key enabler for these companies as they look to develop processes and materials on a smaller scale before ramping up to mass production volumes. Similarly, many businesses and research institutions are also interested in leveraging the economics and quality of SPJ technology for mid-volume serial production, making the P-1 an ideal fit and a great stepping-stone to broad adoption of Desktop Metal’s technology and flagship P-50 printer.”

The Ford Motor Company is among the first early adopters to purchase the new Production System P-1.

“Ford has been active in 3D printing since 1988 with acquisition of the third commercially available stereolithography (SLA) system; we are very excited to be early adopters of the P-1,” said Cynthia Flanigan, Director, Vehicle Research and Technology, Ford Research and Advanced Engineering. “We expect that this new system will serve as an important tool in the development of our future advanced process and alloy implementation, enabling our researchers to investigate additional production opportunities of metal binder jetting at Ford Motor Company. Our early collaboration with Desktop Metal highlighted the need for a lab scale system that is aligned with the functionality of the production scale system so we can further develop expertise around this process.”

 

A Shared SPJ Technology Architecture Enables Direct Process Transfers Between the P-1 and P-50

Created by leading inventors of binder jetting and single-pass inkjet technology, the Production System P-50 is an industrial manufacturing solution designed to achieve speeds up to 100 times those of legacy PBF additive manufacturing technologies(1), enabling production quantities of up to millions of parts per year at costs competitive with conventional mass production techniques.

The P-1 offers a new form factor to bridge the gap between benchtop process development and mass production, leveraging the same patent-pending SPJ technology and print carriage design as on the P-50 but with enhanced process flexibility. Also similar to the P-50, the P-1 features a state-of-the-art print bar with native 1200 dpi, advanced printhead technology that supports a wide variety of binders, and an inert processing environment to support both non-reactive and reactive materials, a key benefit for businesses and research institutions looking to experiment with a variety of materials. As a result, materials research and new application development conducted on the P-1 can be transferred directly onto the P-50 to scale to mass production, without the need to take this more industrial manufacturing solution offline for R&D activities, enabling efficient process development and new product introductions.

“For many businesses like Ford, the P-1 will serve as a learning lab for processes as they look to scale up to full production,” said Fulop. “Research institutions are also eager to adopt the Production System P-1 to experiment, validate materials, and test a variety of use cases for metal binder jetting with a smaller build box that offers all of the benefits of SPJ technology, including speed, quality, and reliability.

The P-1 Offers Cost-Effective, Serial Metal Parts Production for Small & Complex Parts

SPJ technology on the P-1 is designed to print each layer in less than three seconds, including powder deposition, powder compaction, anti-ballistics, binder deposition, and printhead cleaning. At this maximum build rate, the P-1 can achieve production throughputs 10 times higher than those of legacy PBF systems(1) and fast enough to complete a full build in less than one hour. The P-1’s open material platform and inert process environment allow customers to use low-cost, third-party metal injection molding powders across a variety of materials, making the P-1 suitable for cost-effective serial production of small and complex parts in addition to smaller scale process development activities. Powder reclaimed during the printing and depowdering process can be recycled for future use, driving further cost efficiencies and resulting in a more environmentally friendly manufacturing process. In addition, the tooling-free manufacturing process on the P-1 facilitates quick turnovers to new jobs along with the ability to print many complex geometries simultaneously with no print supports required. 

P-1 customers will also gain access to Desktop Metal’s Fabricate® manufacturing build preparation software, as well as to the Company’s newly-released Live Sinter™ application, which dynamically simulates the sintering process and automatically generates print-ready geometries that compensate for the shrinkage and distortion that take place during sintering, minimizing process trial and error while improving accuracy.

The flagship Production System printer, the P-50, remains on schedule to begin volume commercial shipments in 2021, paving the way for the mass production of end-use parts, and unlocking throughput, repeatability, and competitive part costs. For more information on the P-1, the P-50, and Production System technology, visit https://www.desktopmetal.com/products/production.

Please do read the original Press Release by Desktop Metal here.

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Desktop Metal is now officially traded on the NYSE stock market

Article by Davide Sher, December 10, 2020.

As of today, December 10th, TRINE ACQUISITION CORP is to be negotiated on the NYSE under the Desktop Metal name, changing ticker from TRNE to DM and ISIN US89628U1088 to US25058X1054. That’s the note I got in my stock portfolio today. No huge surprise there. It was in the works and there probably is no better time.

Desktop Metal is betting (like all other serious contenders in the AM space – Stratasys just spent $100 million on this) that, within the next 5 years, AM will become a real, effective and cost-efficient production method. If this happens then the company will be able to generate $1 billion in yearly revenues (as it expects), from below $30 million today, and – if that happens (stressing the “if”) – then it will definitely be worth $5 billion, as its early private investors expect.

These are some of the key opportunity and threat elements relative to this bet:

Supporting factors:

  • AM is definitely going to be a widespread mass/serial production method eventually. Eventually could mean in 5 years or in 15. It depends on when the technology will be ready.
  • When the transition to digital production happens it will happen “overnight”. AM has been around for 30+ years as a prototyping method. Only for the past 5 years, have most AM companies been focusing on achieving production capabilities.

  • Ric Fulop is good at making these kinds of bets (Markforged, Proto Labs, Onshape).
  • Desktop Metal is spearheading the metal AM production business. There are other companies with metal binder jetting technology and more experience than Desktop Metal. However, Desktop Metal has been set on achieving production from the very start.

Risk factors:

  • No pure player AM company in history has ever generated 1 billion in revenues. Some have come close. Some eventually will.
  • Desktop Metal has competitors that are much larger than they are, including HP and GE.

  • In terms of the real economy, the success of this operation depends on the efficiency and rate of adoption of the recently released Shop system (we still need to fully understand if the technology really works on a wide range of applications and more importantly if companies that do not already use AM can really learn rapidly to implement it).

  • This is Fulop’s biggest and riskiest bet. It’s kind of like betting on Tesla stocks before Elon Musk even completed Tesla’s first production factory. Or betting on Apple before Steve Jobs even left (and came back from Pixar). It could go either way.

Desktop Metal announced it was going public last August by entering a definitive business combination agreement with Trine Acquisition Corp. and HPS Investment Partners. “We are at a major inflection point in the adoption of additive manufacturing, and Desktop Metal is leading the way in this transformation,” said at the time Ric Fulop, Co-founder, Chairman and CEO of Desktop Metal. “Our solutions are designed for both massive throughput and ease of use, enabling organizations of all sizes to make parts faster, more cost-effectively, and with higher levels of complexity and sustainability than ever before. We are energized to make our debut as a publicly-traded company and begin our partnership with Trine, which will provide the resources to accelerate our go-to-market efforts and enhance our relentless efforts in R&D.”

Disclaimer: The content of this article is provided for informational purposes only and is not intended for trading or investing purposes. The author of this article owns TRNE/DM stocks.

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