Why We Invested in Fast Radius
Energize Ventures invested in Fast Radius’ $56M Series B Financing Round
By: Katie McClain, Partner at Energize Ventures
Energize Ventures is excited to announce our investment in Fast Radius, the leading provider of cloud manufacturing solutions.
The Chicago-based company previously closed its Series B financing led by UPS in April 2019, and Energize was thrilled to join the round in February 2020. In addition to providing capital, our investment will continue to help the company accelerate the expansion of its software platform, identify and launch new applications, and scale its production-grade cloud manufacturing capacity.
Making New Things Possible
In 2019 when we first met the Fast Radius team and had the opportunity to explore their headquarters here in Chicago, we walked away with a gut feeling that their technology would be what the future of manufacturing looks like. After learning more about how they bring value to customers by providing an on-demand, fully customizable and sustainable experience, our conviction in Fast Radius was solidified. At Energize, we believe that decentralization of industrial processes is a key cog in achieving operational efficiency at scale. The work Fast Radius is doing illustrates what the end result of decentralized manufacturing looks like: A better product, made quicker and less costly both economically and for the environment.
Fast Radius is advancing the manufacturing industry with an integrated digital and physical platform that simplifies the way parts are designed, made and moved around the world. Coined “Cloud Manufacturing,” Fast Radius’ technology is positioned to transform an industry that’s overdue for digital disruption.
From industrial to consumer products, companies across verticals are looking for new solutions to address challenges in supply chain and manufacturing. Fast Radius offers a wide range of services to help customers capture new opportunities uniquely enabled by cloud manufacturing. Its technology enables companies to discover new applications, quantify the technical and business case to support these applications, and ultimately launch products with a best-in-class cloud manufacturing production system. We’ve seen firsthand how Fast Radius can improve and innovate the way companies bring products to market across every aspect of the process. In the automotive sector, customers like Aptiv rely on Fast Radius to ensure quality, reliability and repeatability in the additive production of parts.
The Future of Cloud Manufacturing
Cloud Manufacturing is a single, end-to-end solution that integrates design, production, and fulfillment operations through a common digital infrastructure.
It represents a paradigm shift akin to previous industrial revolutions. Just as mechanization, mass production and automation triggered new eras in manufacturing, Cloud Manufacturing allows us to realize the potential of the digital age by democratizing, integrating and connecting manufacturing activities across the world.
The costs of additive manufacturing have been steadily declining, and it is now cost-competitive with traditional manufacturing at scale. In addition to lowering costs, advantages such as on-demand production, automation and simplification of complex designs, and the opportunity for innovation driven by additive-enabled products are driving customer adoption.
Powered by its proprietary software platform, Fast Radius offers cloud manufacturing consulting and production services in addition to quick-turn parts production across both additive and traditional manufacturing technologies. As industrial companies begin to adopt and transition to these new technologies, Fast Radius is poised to meet their needs every step of the way.
Led by CEO Lou Rassey, the Fast Radius team is comprised of world-recognized manufacturing and technology leaders. When we met the team, it was clear that their experience runs deep and that the organization is well-run by best-in-class management. When we spoke with several of their clients, we really unlocked what makes them shine as leaders in the field: their commitment to their customers. Fast Radius is not just a design or fulfillment shop, but a true partner with the companies they serve.
Unlocking Opportunity in Energy and Industry
We believe that Cloud Manufacturing is still in its infancy and that the application for industry and energy is vast — from manufacturing components for solar panel installation to producing electric vehicle parts on-site. With their technological expertise and customer-led process, the Fast Radius team has what it takes to lead the industry into the next phase. We’re proud to welcome them to the Energize family!