Israeli metal 3D printing co XJet raises $25m

XJet
XJet

XJet CEO: XJet will redefine the production of short-runs of complex metal parts in major areas of production.

Israeli metal 3D printing company XJet has closed a $25 million financing round. The investment was led by Israeli-Chinese private equity fund Catalyst CEL Fund and 3D software company Autodesk, Inc. through its Spark Investment Fund, as well as other existing shareholders.

XJet CBO Dror Danai said, “XJet is the first company to succeed in using 3D inkjet printing to make metal parts of the highest quality. This area has great potential to meet the growing demand for producing short runs of metal parts. XJet’s innovative technology uses metal nanoparticles which generate precision parts with complex geometries for use in a variety of applications in aerospace, automotive, medicine, dental and other industries.”

Based in Rehovot, XJet Ltd. was founded in 2005 by Hanan Gothait, an innovator and veteran of the inkjet printing industry. Gothait was a co-founder of Objet Geometries, which later merged with Stratasys. Xjet has more than 60 employees, including a large number of veteran leaders of the 3D printing industry and has filed over fifty patents in various fields. Between 2007 and 2011, the company burned through $60 million in attempts to develop 3D printing of solar panels. In 2014, the company changed sirection and raised a further $22 million to enter the tough 3D metal printing market (even Stratasys has steered clear of this) using nanotechnology.

The company's groundbreaking technology called NanoParticle JettingTM uses nanoparticles in liquid suspension to build 3D metal parts. The technology enables a more accurate production of highly complex parts than that of other current technologies.

XJet changed its focus from the solar arena to concentrate exclusively on the development of a solution for the metal additive manufacturing industry during the last two years.

Autodesk Israel head of Digital Manufacturing and general manager Eitan Tsarfati said, “Our support of XJet through the Spark Investment Fund stems from our belief that this technology has the potential to change the future of the additive manufacturing industry. Autodesk Israel’s Development Center is focused on driving breakthroughs in the future of making things, and we are proud to work with companies such as XJet that likewise are pushing the limits of manufacturing technologies to accelerate a new industrial revolution.”

The current round of funding will be used to complete the development of and to launch Xjet products into main international markets. The investors in previous rounds included Gemini Israel Ventures, Landa Ventures, Applied Materials, Good Energies and Chinese investors. In 2014, the Company raised an additional $22 million from Alumot and from existing shareholders to complete the changes in direction of the technology from solar to 3D metal printing.

Gothait said, "We believe that XJet will redefine the production of short-runs of complex metal parts in major areas of production."

XJet chairman and Catalyst CEL Fund managing partner Yair Shamir said, "XJet has a highly seasoned and experienced management team, with innovative, and even revolutionary technology, which we trust will make a significant change in the production industry of sophisticated metal parts. Jointly with our Chinese partners, we hope to help the company make a meaningful entry into the Chinese industry and production market."

Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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