US-based virtual manufacturing platform Fictiv has completed a $33m series C round backed by diversified conglomerate Mitsui and Intel Capital, the corporate venture capital arm of semiconductor and data technology provider Intel.
GV2P led the round, investing alongside fellow venture capital firms Accel and Sinovation, as well as incubator Tandon Group and private investor Bill Gates.
Founded in 2013, Fictiv has developed a cloud-based software platform that aids in manufacturing by allowing customers to design and order parts which are then made by one of Fictiv’s vetted manufacturers.
The company’s network of manufacturing plants spans both China and the US, covering processes such as 3D printing and injection moulding.
Dave Evans, Fictiv’s co-founder and chief executive, said: “Fictiv is developing the software infrastructure required to connect the manufacturing workforce and trillions of dollars of capital equipment.
“In doing so, both product developers and manufacturers will benefit from the efficiencies gained by eliminating unnecessary, repetitive tasks and unlocking employees to focus on creative problem solving.”
Proceeds from the round, which brought the company’s overall funding to $58m, will be used to fund development of its cloud infrastructure and software tools, as well as expanding its manufacturing network and headcount.
Fictiv raised $15m in a May 2018 series B round led by Sinovation Ventures that included Intel Capital, Accel, FJ Jabs, Tandon Group, Bill Gates and Stanford StartXFund. It has not disclosed any earlier funding rounds, but said it had raised a total of $10m prior to the series B.