Axial3D Secures $3 Million Funding to Expand 3D-Printed Medical Device Market

On July 24, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that medical technology company Axial3D announced the completion of a $3 million financing round (the specific round was not disclosed). The round was led by Imprimatur Capital Fund Management, with participation from Techstart NI, Clarendon Fund Managers, and Innovation Ulster.

Axial3D will use the funds from this financing round to expand its U.S. market presence and company scale, while accelerating the construction of its medical device facility in Belfast, UK. The company also plans to strengthen collaborations with healthcare institutions and open multiple offices across the United States.

It is reported that Axial3D had previously completed two rounds of financing. The company raised £530,000 in a seed round in April 2017.

Axial3D, founded in 2015 and headquartered in Belfast, UK, is a leading medical 3D printing company. The company specializes in creating patient-specific anatomical models to enhance the efficiency and precision of surgical procedures. Leveraging patient diagnostic data from CT scans, nuclear magnetic resonance imaging (NMRI), and positron emission tomography (PET), Axial3D generates highly accurate 3D models. This technology assists physicians in preoperative planning, thereby improving treatment outcomes.

Axial3D is currently developing automated 3D printing technologies to help healthcare institutions enhance surgical safety and promote the development of the healthcare industry. Evolving from an initial platform for processing customized 3D models into a professional 3D printing laboratory, Axial3D has remained committed to improving product compliance and manufacturing productivity while reducing operational costs.

Dr. Christopher Rumana, a neurosurgeon at Tallahassee Memorial Healthcare (TMH), has been an Axial3D user since 2018 and is also one of the company’s existing investors. Dr. Rumana stated, “Axial3D has established an open platform based on automated algorithms, enabling clinicians to utilize 3D printing without incurring additional costs or consuming human resources. The application of 3D printing in the medical field has a history of more than two decades. This technology holds significant importance for both physicians and patients, and I hope to see it adopted by more healthcare institutions.”

“Axial3D CEO Daniel Crawford stated, ‘The growing adoption of 3D printing technology in healthcare will drive the global market for 3D-printed medical devices to achieve a compound annual growth rate (CAGR) of 23%. This financing round will enable us to expand our presence in the 3D-printed medical market, helping healthcare companies and medical institutions reduce surgical costs and enhance patient care. Following collaborations with TMH and University Hospital Basel, Axial3D will further focus on the European and American markets by establishing an office in the United States and recruiting technical talent.’”

Imprimatur Capital, founded in 2010 and headquartered in Latvia, Europe, is a venture capital firm. The company focuses on the fields of medical technology, digital health, and automation, primarily investing in Nordic tech startups.

Headquartered in Belfast, UK, Techstart NI is a venture capital firm that primarily invests in high-tech startups in the United Kingdom. With an experienced management team, Techstart NI has invested in artificial intelligence companies such as Prodsight and Machine Labs, and manages assets of approximately £47 million.

Clarendon, established in 2001 and headquartered in Belfast, UK, is a venture capital firm. The company focuses on multiple sectors, including innovative technology, healthcare, pharmaceuticals, and education. Clarendon has invested in over 60 companies and manages approximately £42.5 million in funds.

Innovation Ulster, established in 1998 and headquartered in the United Kingdom, is a venture capital and financial services firm. Affiliated with the University of Ulster, the company is dedicated to providing financial support for technological innovation and inventions by current students. Innovation Ulster encourages academic personnel and technology enterprises to leverage innovative thinking in the development of new technologies.

(Compiled by Xu Xiaoxue)