SOMERVILLE,
Mass., Aug. 31, 2022 /PRNewswire/ -- Alloy
Enterprises, the world's first Digital Aluminum Fab, announces the
completion of a $3M SAFE financing
round. This latest funding brings the total raised to over
$10M for the two year old
company.
The SAFE round was led by Lockheed Martin
Ventures (LMV), who was joined by existing investors, including
Congruent Ventures. Lockheed Martin Corporation (NYSE: LMT) is a
global company that solves complex challenges, advances scientific
discovery and delivers innovative solutions to help keep people
safe.
With Alloy's novel technology, components are
produced with high-strength aluminum alloys, such as 6061, with
superior mechanical properties to traditionally cast parts in a
fraction of the time. As manufacturers continue the decades-long
struggle with a volatile supply chain and unpredictable lead times,
Alloy provides a reliable solution enabling true aluminum
production at scale, simultaneously allowing for development
quantities.
"We are excited to join the impressive portfolio
under Lockheed Martin Ventures. Their support for our mission and
technology validates that we are addressing customer needs. This
funding allowed the acceleration of Alloy's commercialization as
the supply chain continues to hinder manufacturers' innovation
ability," says CEO, Alison Forsyth.
"As Lockheed Martin endeavors to create an even more resilient,
agile, efficient and cost effective supply chain, we see the unique
additive metal process Alloy is developing as an enabling
technology," says Chris Moran, vice
president and general manager, Lockheed Martin Ventures. "We have
several use-cases for Alloy's capability and we want to see this
technology succeed."
About Alloy Enterprises
Alloy Enterprises was founded in early 2020 by
three startup veterans who recognized a supply chain problem and
saw an opportunity that matched their unparalleled expertise.
Within a year of invention, the company was making parts using
their novel additive manufacturing system that provides high
throughput of fully-dense aluminum parts, enabling manufacturers to
scale from prototyping to production. To learn more about Alloy
Enterprises, visit https://www.alloyenterprises.co/
About Lockheed Martin
Ventures
Lockheed Martin Ventures makes strategic
investments in companies that are developing cutting edge
technologies in core businesses and new markets important to
Lockheed Martin.
More than a source of capital, Lockheed Martin
Ventures provides portfolio companies with access to our
world-class engineering talent, state-of-the-art technologies, and
research and access to the company's international business
relationships and supply chain. For more information visit:
www.lockheedmartinventures.com
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SOURCE Alloy Enterprises