WEAV3D Completes $ 1 Million SAFE Round to Fund Commercialization of Next Generation Composite Technology | Business
NORCROSS, Georgia – (BUSINESS WIRE) – May 24, 2021 –
WEAV3D Inc., an innovator in composite materials, manufacturing processes and processing equipment, announces that it has recently entered into an increase of $ 1,000,000 Simple Agreement for Future Equity (SAFE), thanks to the participation of the Castellan group, Propel (x ) and Entuitive. This investment will support the expansion of WEAV3D’s engineering and sales teams to intensify the company’s commercialization activities over the next year.
“At Castellan, we are delighted to partner with WEAV3D,” says Scott Smith, founder of the Castellan Group, an independent investment advisor. “We believe the company has the potential to transform many critical industries, generating lasting benefits for business and the environment.”
In addition to the Castellan Group, the $ 1,000,000 SAFE increase was made possible by Propel (x), an online investment platform that connects investors with industry experts and deep tech startups, as well as Entuitive , a market-leading structural engineering company that has made a strategic investment in WEAV3D. A number of private angel investors were also involved.
This investment follows a grant of $ 999,943 from the National Science Foundation (NSF) Small Business Innovation Research (SBIR) Phase II. This award will fund the design, manufacture and testing of a continuous composite forming machine that uses ultrasonic welding to increase the throughput of WEAV3D’s continuous composite forming process. The process produces optimized truss structures that allow the creation of lightweight structural composite parts at a fraction of the cost and cycle time associated with traditional composite manufacturing.
WEAV3D Inc. is an innovator in composite materials, manufacturing processes and processing equipment. Based in Norcross, Georgia, they originated as a tech startup within the Department of Materials Science and Engineering at the Georgia Institute of Technology. The patent-pending WEAV3D composite forming process enables the production of optimized truss structures that can be combined with injection molding or thermoforming processes to create lightweight structural composite parts at a fraction of the cost and time of cycle associated with the traditional manufacturing of composites. These innovations allow companies in sectors such as automotive, aeronautics, wind turbines and freight transportation to produce parts that are lighter, stronger and cheaper. Find out more: www.weav3d.com.
Castellan Group, LLC is an SEC registered investment advisor and multi-family office that exists to partner with very high net worth families as responsible stewards of their assets. In addition to managing a number of quantitative public investment strategies, Castellan structures direct investments in healthcare, financial technology, emerging consumers, green technology and waste disposal at different stages. and levels of the capital stack. Find out more: www.castellangroup.com.
Propel (x) is an online investment platform capitalizing on Deep Technology. Propel (x) connects investors with industry experts and Deep Tech startups. The startups featured on the platform are pioneering innovations such as new forms of clean energy, life-saving treatments, new methods of space exploration and artificial intelligence, among others. As a leading platform for Deep Tech innovation, Propel (x) seeks to help the next generation of visionary companies. Find out more: www.propelx.com.
We take design performance to new heights through our collaboration with our clients, including architects, developers, building owners and managers, and construction professionals. Our practice encompasses structural engineering, building envelope, restoration and special project consulting. We earn our reputation by applying our ingenuity in a wide variety of industries including commerce, sports and recreation, institutional, cultural, residential, retail, healthcare, transportation and hospitality.
KEYWORD: GEORGIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CHEMICAL / PLASTICS ENGINEERING AEROSPACE MANUFACTURING OF OTHER MANUFACTURING STEELS
Copyright Business Wire 2021.
PUB: 05/24/2021 2:00 p.m. / DISC: 05/24/2021 2:02 p.m.
Copyright Business Wire 2021.