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Sumitomo Invests in 3D Printing Materials Developer
January 13, 2020
3 Min Read
Investment and trading firm Sumitomo Corporation of Americas revealed plans on Monday to invest in additive manufacturing research and development firm Elementum 3D Inc., bolstering the firm’s foothold in the 3D printing space.
Elementum 3D develops advanced metals, composites and ceramics for additive manufacturing applications, including a patented metal powder blended with ceramics. Sumitomo said its investment will help the materials firm to expand the sales and marketing of its powder.
“This investment is an excellent complement to our growing portfolio in the additive manufacturing,” said Kazuaki Tsuda, senior vice president and general manager of the Steel and Non-Ferrous Metal Group at Sumitomo Corporation of Americas, in a company press release. “Elementum is pioneering new intelligence related to the raw materials supply chain in additive manufacturing, and we see abundant opportunity for these applications in the near future.”
The powder product will be used in several of Sumitomo’s current verticals, like steel, mineral resources, aerospace, and tubular.
“We are excited to have Sumitomo Corporation of Americas come onboard as an investor. It speaks volumes that a company of this size and reach has such confidence in what we are creating,” Elementum 3D President Dr. Jacob Nuechterlein said in a statement. “With this series A funding, we are eager to get our product further out into the marketplace and continue to grow our client base.”
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