A 3D printing company based in Skokie raised an additional $4.5 million in new financing on Monday, bringing its seed round to $12.5 million.
Azul 3D, which manufactures 3D printers to quickly print highly-customizable structures, raised $8 million in May and the new funding from a group of individual investors and other undisclosed investors.
Known investors include Louis A. Simpson, the former CIO for Geico, the former manager of Berkshire Hathaway and founder of SQ Advisors; Wally Loewenbaum, the former chairperson of 3D Systems; Joe Allison, the former CEO of Stratasys Direct Manufacturing; and Hugh Evans, the former senior vice president of corporate development for 3D Systems.
Azul 3D will use the new financing to enhance its rapid printing technology and launch its first commercial printers. The company was originally founded in 2016 by by James Hedrick, David Walker and Chad Mirkin at Northwestern University.
The new funding round comes as Azul 3D is printing personal protective equipment amid the coronavirus pandemic. The equipment was provided to hospitals, prisons, first responders and members of the Navajo Nation, according to Azul 3D.
Using its printing technology, Azul 3D is producing medical face shields at a rate of 1,000 components per printer during a 12-hour shift.
“One of the reasons we’re doing so well is because our technology offers a solution to unexpected surges in demand and supply-chain bottlenecks that occur during global crises, such as in the current pandemic,” said Walker, Azul 3D’s chief technology officer, in a statement. “With the ability to manufacture nearly anything quickly and on-demand, we can meet these unexpected needs as they arise to quickly fill gaps in the supply chain.”
