The pioneering company has developed an automated 3D printing solution for the healthcare sector which is dramatically advancing the standards and efficiency of surgery worldwide.
While the axial3D team is already working with internationally renowned healthcare providers and surgeons, the £2.4m investment will support the creation of eight new jobs, further R&D and drive expansion into key markets, including the USA.
The financing round was led by London-based Imprimatur Capital Fund Management, an international science and technology investor.
Internationally the round was supported by a US cohort of angel investors, made up predominantly of surgeons.
At a local level, axial3D was further supported by its initial investor – Techstart Ventures through its TechstartNI fund, which was established by Invest NI as part of its Access to Finance strategy.
Other early stage investors include Clarendon Fund Management, through its Invest NI fund, Co-Fund NI, and Innovation Ulster Ltd.
Daniel Crawford, CEO at axial3D, said, “The closure of this investment round marks an important milestone for our company. It will accelerate our growth within new markets and enable us to bring our 3D printing solution to more healthcare organisations, helping them to drive down costs, improve compliance and ultimately, enhance patient care.”
He continued, “Continuous innovation is crucial to bring the best solutions to market and keep up with customer demand. Following our recent collaborations with Tallahassee Memorial Healthcare and University Hospital Basel, we will focus attention on the North American and European markets, recruiting more talent for our base in Belfast and continuing to innovate to find new ways to bring 3D printing on demand to the entire healthcare sector.”
John Murray, Investment Director of Techstart Ventures added his support: “This marks a significant funding milestone for Dan and the axial3D team. Their groundbreaking work has the potential to change surgery at a global level and we look forward to supporting the company in achieving its future ambitions.”
Tim Brundle, Director of Research & Impact at Ulster University said: “Ulster University’s investment company, Innovation Ulster Ltd, is proud to have participated in this investment round and assisted with the access to the necessary capital for the scale-up of axial3D.”
axial3D’s key aim is to deploy Artificial Intelligence techniques within its software, reducing pre-production time and enabling more healthcare institutions to benefit from the use of 3D printed models.
The global 3D printing medical devices market is set to grow over 23% in the next five years, largely due to the increasing adoption of 3D printing technology within the medical sector.
axial3D has a range of solutions to suit healthcare institutions at every stage of their 3D printing journey, from those needing a one-off custom print, to those with an existing 3D print lab hoping to increase compliance and productivity, while reducing operating costs.
Daniel Crawford (l), CEO of axial3D and John Murray, Investment Director of Techstart Ventures
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