Home / News / US' Weav3D concludes $1,000,000 SAFE raise

US' Weav3D concludes $1,000,000 SAFE raise

31 May '21

2 min read

Pic: WEAV3D Inc

Norcross headquartered Weav3D, an innovator in composite materials, manufacturing processes and processing equipment, has concluded a $1,000,000 Simple Agreement for Future Equity (SAFE) raise, with participation from the Castellan Group, Propel(x) and Entuitive. This investment will help the company enhance commercialisation activities over the next year.

“We at Castellan are thrilled to be partnering 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, driving sustainable benefits for both businesses and the environment.”

In addition to the Castellan Group, the $1,000,000 SAFE raise was made possible by Propel(x), an online investment platform that connects investors to industry experts and deep technology startups, as well as by Entuitive, a market-leading structural engineering firm that has made a strategic investment in Weav3D. A number of private angel investors were also involved.

This investment comes on the heels of a $999,943 National Science Foundation (NSF) Small Business Innovation Research (SBIR) Phase II grant. This award will fund the design, fabrication and testing of a continuous composite forming machine that uses ultrasonic welding to increase the production throughput of Weav3D’s continuous composite forming process. The process produces optimised lattice structures that enable the creation of lightweight structural composite parts at a fraction of the cost and cycle time associated with traditional composite manufacturing.

Fibre2Fashion News Desk (SV)