US-based 3D printing technology provider Fast Radius secured $48m on Tuesday in a series B round led by parcel delivery and logistics company UPS.
The round also featured investment firm Skydeck Capital, venture capital firms Drive Capital, Jump Capital and Hyde Park Venture Partners.
Founded in 2015, Fast Radius provides a range of additive manufacturing services centred around 3D printing, including product design and testing, manufacturing and fulfilment, the latter of which is conducted through UPS’s logistics network.
The company can produce 3D printed goods to order from its facilities and has created a software platform dubbed Radius to help clients identify and design applications for manufacturing.
The funding will support the expansion of the company’s partnerships in areas such as aerospace, consumer, industrial, medical and automotive technology. Fast Radius also plans to boost its recruitment and strengthen product development.
The round comes after $17m in funding Fast Radius had raised up to August 2018, from UPS, Drive Capital, Jump Capital, Skydeck Ventures and Hyde Park Venture Partners.
Lou Rassey, CEO of Fast Radius, said: “Fast Radius’s mission is to make new things possible to advance the human condition. The new tools of digital design and additive manufacturing power that mission. Our focus is to help companies imagine new products and bring them into the world.”