TOffeeAM, an Imperial College spin-out that optimises product designs for 3D printing has raised €1.1 million in seed funding. The funding round has been led by IQ Capital, alongside the Royal Academy of Engineering and Imperial College London’s Techcelerate program. The fresh capital will be used to hire engineers and additional staff, to expand upon the existing engineering capabilities of TOffeeAM and accelerate the growth of the company’s customer base, which already includes GE Aviation, Baker Hughes and a Formula 1 motor racing team.
Founded in 2019, TOffeeAM’s IP is based on four years of research at the Imperial College. The startup now licenses its software, TOffee, to businesses using 3D printing and Additive Manufacturing (AM). TOffee creates crucial structures within smart industrial production, such as coolant systems for gas turbines exceeding the performance of current heat exchangers.
The software is also quite useful for the aeronautics and automotive industries, where part design still relies on limited human intuition. The TOffee optimisation technology not only optimises the 3D printed parts, but also entire systems, by reducing the overall number of component parts and increasing the resilience of systems as a whole.
CEO and founder of TOffeeAM, Francesco Montomoli stated: “We are delighted to receive this funding from our investor partners – it’s a fantastic indication of their faith in the commercial applications of our technology. This funding will give TOffeeAM the opportunity to continue our success at speeding up 3D printing across all industries by up to 20 times faster and to expand our team with expert engineers and other team members, and continue to scale the solution to serve our rapidly expanding customer base. We are at the beginning of an exciting journey, and this funding will help drive our growth and the wider use of this transformative technology across a variety of industries.”
Ed Stacey, Managing Partner of IQ Capital commented: “This funding will allow the team to further commercialise their technology with additional staff, particularly the engineers which will drive forward the innovation at the heart of this company. With the intelligent software the team has developed and the strong deep tech expertise of the team, the sky is the limit in terms of TOffeeAM’s capabilities, and I’m looking forward to seeing the role they can play in the field of smart industrial production.”
via https://www.AiUpNow.com/ by contact@bcurdy.com, Khareem Sudlow
