Axtra3D, a Charlotte-based producer of 3D printers, has raised $6.25 million in a Series A funding round.
The startup, founded in 2021, plans to use the capital to scale production of its 3D-printing machines. It also plans to complete a broad market entry of its first product, the Lumia X1 3D printer.
Axtra3D said it also aims to draw new employees to its office in the U.S. and in Italy, and double its team within a year. The startup currently has 15 employees.
"With our two locations, we combine the best of both worlds. The business-oriented mindset in the USA with the competence in research and development in Central Europe," said Gianni Zitelli, founder and CEO of Axtra3D.
The Lumia X1 3D printer combines stereolithography and digital light processing. Customers previously could only choose one of those processes. Axtra3D credits its Hybrid Photosynthesis technology for the printer’s speed, high-resolution, print area and surface quality.
The startup said it envisions the Lumia X1 printer to be beneficial in industries such as aerospace, medical and dental care, consumer goods and automotive.
“This financing round is the next big step for us,” Zitelli said. “Since our founding, we have developed and manufactured a groundbreaking product for additive manufacturing in just nine months, which will now be made available to customers on a larger scale.”
The lead investors in this round were Kerstin and Frank Herzog, the founders and managing partners of HZG Group. Germany-based HZG is a venture capital firm that invests in technology startups with a focus on additive manufacturing and 3D printing. Steve Grundahl, founder and president of Midwest Prototyping and current vice president of Protek — a rapid prototyping service provider — also participated in the round.
“Axtra3D's technical developments are absolutely impressive,” Herzog said. “Gianni Zitelli's team is setting the right priorities to optimally master the steep road to breakthrough. And we look forward to actively supporting them in all the steps ahead.”
Florian Bechmann, chief technology officer of HZG Group, added that Axtra3D’s Lumia X1 3D printer has the potential to transform additive manufacturing of plastic components.
“With its high productivity and quality, the system addresses the market of industrial production,” he said.
