Alloy Enterprises announces it has closed a $4.3M seed round of funding, to advance their low-cost, fully-dense aluminum additive manufacturing technology.
The round was led by Congruent Ventures, a firm focused on supporting hard tech companies that can revolutionize industries and improve resource efficiency. Riot Ventures, a hardware focused firm with experience scaling growing startups, also joined along with new and previous angel investors.
Alloy Enterprises was founded in early 2020 by startup veterans who are no strangers to hard tech. The founders wanted to create a novel technology that could have a major impact on society and provide a platform for innovation. Aluminum, with its high strength-to-weight ratio, is poised to be a key solution as equipment and vehicles are striving to be lighter weight. Seeing an opportunity and leveraging our previous experience building products together, the concept for Alloy was born.
Alloy’s technology provides the flexibility of additive manufacturing at the unit cost of casting. Their sheet lamination process produces fully-dense, homogeneous parts with high-strength aluminum alloys, such as 6061. With input material that is 20X cheaper than powders, the technology offers a step-change in manufacturing and design efficiencies.
On the decision to invest in Alloy, Josh Posamentier, Managing Partner at Congruent Ventures who is also joining Alloy’s Board of Directors stated, “Alloy’s qualifications, ambition, and potential to revolutionize aluminum fabrication are highly unique, and their technology has a wide range of market applicability.”
“Our team understands the magnitude of this challenge, but after witnessing many successful high-impact companies, I know the importance of great teammates,” says Alloy’s co-founder and CEO, Alison Forsyth. “The partnership with Congruent and Riot fits seamlessly into our mission, and provides significant support as we scale the technology.”
The company plans to use the funds for prototype development and hiring of engineering and business roles.