LM Industries, a US-based automotive micro-manufacturer backed by aerospace group Airbus, has received $15m from asset manager Sparx Group’s Mirai Creation Fund II, which is sponsored by carmaker Toyota.
Founded in 2007, LM Industries is the owner of Local Motors, a digital original equipment manufacturer that has micro-factories covering several international locations.
The funding will go to improving the technology and increasing the market share of Olli, a 3D-printed, electric and autonomous vehicle.
The Olli 2.0 model has already been deployed by a hospital in Belgium called AZ Maria Middelares, and will soon be made available for Jacksonville Transportation Authority in the US state of Florida.
Airbus’s corporate venturing subsidiary, Airbus Ventures, made its first investment when it provided an undisclosed sum for the company in 2016. Automotive component maker Factory Five Racing had participated in a $3m round for LM in 2007, investing alongside unnamed individuals.
Jay Rogers, co-founder and CEO of Local Motors, said: “Sparx’s investment, which includes Toyota Motor Corporation and Sumitomo Mitsui Banking Corporation as [limited partners] for the Mirai Creation Fund II, proves that our commitment to low-speed autonomy and digital manufacturing can make a direct impact in the world through cleaner manufacturing and better mobility experiences for all.”
