US-based automotive manufacturing technology developer Divergent 3D has raised at least $65m in a series B round featuring engineering and industrial consulting firm Altran Technologies that could close at up to $107m.
Investment holding company O Luxe Holdings led the round, which also featured venture capital firm Horizons Ventures and Shanghai Alliance Investment, an investment vehicle for Shanghai Municipal Government. Both O Luxe and Horizons are backed by billionaire Li Ka-shing.
Founded in 2014, Divergent 3D is developing an end-to-end automotive manufacturing process, the Divergent Production System, which incorporates metal 3D printing, and which automates parts of the high-volume manufacturing of lightweight vehicle components.
The company plans to use the proceeds from the series B round, which includes an option for the investors to add more than $40m extra, to commercialise its technology globally. It is particularly interested in the Chinese electric vehicle (EV) market.
Divergent 3D is looking to grow through non-exclusive partnerships with automotive manufacturers and technology producers.
In addition to being an investor, Altran is one of Divergent 3D’s strategic partners, as are carmaker PSA Group and 3D printer manufacturer SLM Solutions. Altran also participated in the company’s $23m series A round in January 2016, which was led by Horizons Ventures.
Kevin Czinger, Divergent 3D’s founder and CEO, said: “With the ability to quickly respond to market demands, the Divergent system allows automakers and technology companies to innovate at a much faster rate – scaling up volume production at only a fraction of the cost while also alleviating environmental damage.
“As a leading investment holding company dedicated to advancing sustainable manufacturing and transportation, O Luxe aligns with Divergent’s mission and fully understands the importance of disruptive technologies to the automotive industry. We are thrilled to partner with a company that supports our growth and vision.”