The new investment logic in industrial Additive Manufacturing
The Atomic Layers: 00306
Atomic Layer of the Week:
It seemed that the funding tap for additive manufacturing companies had been turned off for many years to come.
Meanwhile, this week saw two major investments that show the money is still there - but only for companies that approach industrial AM in a different way than before.
VulcanForms announced the closing of a $220 million Series D round, while Machina Labs raised $124 million, attracting both traditional VC funds and strategic capital from the defense and automotive sectors.
In both cases, however, the capital is not being directed toward developing new machines as products, but toward scaling production capacity and services based on proprietary, hard-to-replicate technologies.
This stands in stark contrast to earlier investments sunk into Desktop Metal and similar “industrial manufacturing revisionists.”
Today’s market shows that investors are primarily willing to finance manufacturing services, not machines themselves.
VulcanForms builds and operates an integrated metal factory located in the United States. This shortens supply chains and addresses real, already existing demand from customers in the medical, aerospace, and defense sectors.
Machina Labs, by contrast, sells “flexible manufacturing capacity” which, thanks to software and automation, can be scaled and reconfigured almost like code.
A similar logic is followed by companies such as Seurat, which use their proprietary additive technologies not to compete in the machine market, but to offer industry ready-to-use production at a scale that individual customers would not be able to build on their own.
This direction is also proving effective for companies that previously operated as hardware manufacturers. Velo3D nearly went bankrupt at the end of 2024. Today, the company is gradually reinventing itself by shifting its focus toward parts production and services for industrial customers, using its own systems as internal tools rather than as its primary source of revenue.
This may be a signal that for Western AM companies, the future does not lie in competing on the number of machines sold, but in delivering reliable, scalable production based on proprietary technologies.
In the realities of today’s market, this model appears to be the most “investable” one.
Atomic Layer from the Past:
13 years ago, industrial 3D printing pioneer ExOne launched its IPO on Nasdaq, raising ~$90.4 million. As the third additive manufacturing firm to go public in the US, its debut sparked massive investor excitement, with shares soaring 47% on day one.
Specializing in binder jetting for metals, ExOne was a technological leader spun off from Extrude Hone in 2005. Despite early promise and revenue growth, consistent losses led to a declining stock price. The company’s independent journey ended in 2021 with its $575 million acquisition by Desktop Metal.
Last year, after bankruptcy of Desktop Metal, ExOne assets were integrated with voxelJet assets, creating one unified company.
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News & Gossip:
#1
Prodways Printers announced several key partnerships worldwide. In South Africa, AMT 3D became a reseller of the CERAM PRO line, providing local sales and support. An exclusive agreement with Lodestar3D brought MOVINGLight systems to India, targeting the aerospace and defense sectors. Across Europe, Red Resins acts as a strategic partner to expand the reach of the CERAM PRO portfolio. In addition, Prodways received the prestigious France 2030 Export label.
#2
Stratasys has launched a qualification program for its SAF PA12 nylon. Using the NCAMP framework, the initiative aims to establish performance standards and shorten qualification timelines. Key industry leaders, including Boeing, Northrop Grumman, and several manufacturing service bureaus, are collaborating in the validation process. The goal is to provide engineers with trusted data, and reduce adoption barriers. Who knows - maybe this technology will be finally used by someone…?
More on: www.tctmagazine.com
#3
Formnext has selected the United Kingdom as its partner country. This year’s event will take place as usual in Frankfurt from November 17-20, 2026. Although the previous anniversary edition in 2025 set a visitor record, word on the street is that this year’s edition will be smaller both in terms of exhibitors and exhibition halls. Well, I guess we’ll see. For now, I’m putting a “gossip” label on this…
More on: www.voxelmatters.com
#4
WASP has completed the Itaca project, a fully functional, 3D-printed building meeting Italian and European regulatory standards. Built at their Shamballa lab with four synchronized Crane WASP printers, the 165 m² structure features 3.8-meter walls from a cement-free lime mixture. Its thick, insulated walls with integrated technical systems provide seismic resistance and passive climate control.
More on: www.3printr.com
#5
Nikon has recorded a massive ¥90.6 billion (~$600M) impairment in its Digital Manufacturing unit for Q1 2026, largely from its SLM Solutions subsidiary. This non-cash charge significantly reduces the carrying value of goodwill and assets, lowering total equity and impacting quarterly profit, though not day-to-day cash flow. The write-down reflects a strategic reassessment of the metal 3D printing market, citing slower expected growth and increased competition.
More on: www.voxelmatters.com
#6
And finally, a super project by my good colleague Filip Turzyński from IVE Labs. The task was to produce 358 bedside tables for a hotel in Sweden on a tight schedule. This became the ultimate stress test for their self-built, large-format 3D printer, designed and manufactured in Poland. Running 24/7 for weeks, the custom extruder and system proved reliable. After overcoming challenges in material handling, they successfully loaded two full trucks of 3D-printed furniture. Take a look for yourself…
More on: LinkedIn
Atomic Conditioning post-processing
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