ALLOY ENTERPRISES SECURES $3M IN SAFE FUNDING LED BY LOCKHEED MARTIN
Alloy Enterprises, the first Digital Aluminum Fab, has successfully completed a $3M SAFE financing round led by Lockheed Martin Ventures, raising over $10M in total funding within two years. Alloy's innovative technology produces high-strength aluminum components rapidly, addressing supply chain issues faced by manufacturers. CEO Alison Forsyth emphasizes that this funding accelerates Alloy's commercialization efforts, aligning with Lockheed Martin's goal for a more resilient supply chain. Lockheed Martin Ventures is committed to supporting Alloy in deploying its additive manufacturing technology.
- Secured $3M in SAFE financing from Lockheed Martin Ventures.
- Total funding raised exceeds $10M in two years.
- Innovative technology offers rapid production of high-strength aluminum components.
- Addresses critical supply chain challenges for manufacturers.
- None.
SOMERVILLE, Mass., Aug. 31, 2022 /PRNewswire/ -- Alloy Enterprises, the world's first Digital Aluminum Fab, announces the completion of a
The SAFE round was led by Lockheed Martin Ventures (LMV), who was joined by existing investors, including Congruent Ventures. Lockheed Martin Corporation (NYSE: LMT) is a global company that solves complex challenges, advances scientific discovery and delivers innovative solutions to help keep people safe.
With Alloy's novel technology, components are produced with high-strength aluminum alloys, such as 6061, with superior mechanical properties to traditionally cast parts in a fraction of the time. As manufacturers continue the decades-long struggle with a volatile supply chain and unpredictable lead times, Alloy provides a reliable solution enabling true aluminum production at scale, simultaneously allowing for development quantities.
"We are excited to join the impressive portfolio under Lockheed Martin Ventures. Their support for our mission and technology validates that we are addressing customer needs. This funding allowed the acceleration of Alloy's commercialization as the supply chain continues to hinder manufacturers' innovation ability," says CEO, Alison Forsyth. "As Lockheed Martin endeavors to create an even more resilient, agile, efficient and cost effective supply chain, we see the unique additive metal process Alloy is developing as an enabling technology," says Chris Moran, vice president and general manager, Lockheed Martin Ventures. "We have several use-cases for Alloy's capability and we want to see this technology succeed."
Alloy Enterprises was founded in early 2020 by three startup veterans who recognized a supply chain problem and saw an opportunity that matched their unparalleled expertise. Within a year of invention, the company was making parts using their novel additive manufacturing system that provides high throughput of fully-dense aluminum parts, enabling manufacturers to scale from prototyping to production. To learn more about Alloy Enterprises, visit https://www.alloyenterprises.co/
Lockheed Martin Ventures makes strategic investments in companies that are developing cutting edge technologies in core businesses and new markets important to Lockheed Martin.
More than a source of capital, Lockheed Martin Ventures provides portfolio companies with access to our world-class engineering talent, state-of-the-art technologies, and research and access to the company's international business relationships and supply chain. For more information visit: www.lockheedmartinventures.com
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SOURCE Alloy Enterprises
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