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CHICAGO, April 02, 2019 (GLOBE NEWSWIRE) -- Fast Radius, a leading manufacturing technology company, announced today that they raised $48M in a Series B funding round led by UPS, with strong insider participation from Drive Capital. Fast Radius will use the funds to continue to scale up its global manufacturing footprint as well as its software development, application engineering, and sales teams. Fast Radius is headquartered in Chicago, with offices in Atlanta, GA and Singapore, as well as a production hub on-site at the UPS Worldport facility in Louisville, KY.
“Additive manufacturing is increasingly becoming the logical direction for future supply chain strategies, blurring the lines between physical and virtual warehousing for products in many industries,” said Scott Price, Chief Strategy and Transformation Officer at UPS. “Fast Radius’ technology platform and additive manufacturing design processes are bringing the virtual warehouse vision to life for their customers, complementing UPS’ global time-definite logistics expertise.”
Fast Radius’ technology platform and manufacturing footprint help customers bring new products and supply chain models to market that are uniquely enabled by additive manufacturing (“3D printing”). The Fast Radius software platform, also known as the Fast Radius Operating System (“FROS”), supports customers across the product lifecycle. The platform helps customers identify potential applications, conduct engineering and economic evaluations, accelerate new product development, and ultimately manufacture industrial-grade parts in Fast Radius factories at scale with the latest additive technologies.
“Fast Radius represents the future of manufacturing, supply chains and the fourth industrial revolution,” said Nick Solaro, Partner, Drive Capital. “Fast Radius’ full stack software and production capabilities are defining the cloud manufacturing market.”
Late last year, the World Economic Forum (“WEF”) recognized Fast Radius as one of the nine companies “best implementing technologies of the Fourth Industrial Revolution”—the only company so honored that is based in North America.
“Fast Radius’s mission is to make new things possible to advance the human condition,” said Fast Radius Chief Executive Officer Lou Rassey. “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.”
“This additional funding will allow us to further expand our partnerships with leading global companies across aerospace, consumer, industrial, medical, and automotive verticals,” added Pat McCusker, Fast Radius Chief Operating Officer.
The Fast Radius team is headquartered in Chicago and includes senior leaders from McKinsey & Company, Amazon, PayPal, GE, Blue Origin, and other leading global firms. This additional funding will help Fast Radius expand its world-class team across software, manufacturing technology, and customer engagement.
Also participating in the Fast Radius Series B financing were previous investors Jump Capital, Skydeck, and Hyde Park Venture Partners.
About Fast Radius
Fast Radius is the leading provider of additive manufacturing solutions, including application discovery, product design and testing, production-grade manufacturing and global fulfillment. From entirely new products uniquely enabled by additive manufacturing to global supply chain solutions leveraging a virtual warehouse, Fast Radius brings the future of manufacturing and the supply chain to its customers. In September 2018, Fast Radius was named as one of the nine companies best “implementing technologies of the Fourth Industrial Revolution” by the World Economic Forum (WEF). Fast Radius is headquartered in Chicago, with offices in Atlanta, GA and Singapore, as well as a production hub on-site at the UPS Worldport facility in Louisville, KY. Visit www.fastradius.com for additional information.