Magnus Metal, a high-volume digital metal alloy casting company based in Israel, has raised $74 million in Series B funding, co-led by Entrée Capital and Target Global with additional participation from Caterpillar Ventures, Tal Ventures, Deep Insight Ventures, Awz Ventures, Lumir Ventures, Discount Capital, Lip Ventures, Cresson Management, Next Gear Fund, and Essentia Venture Capital. Magnus Metal will use the latest capital to further develop its innovative casting technologies while expanding its operations locally and globally to support its Fortune 100 customers.
Magnus Metal innovates the centuries-old metal casting industry by providing an Industry 4.0-based, fully automatic manufacturing solution that makes the process faster, safer, and more environmentally friendly while both improving quality and reducing cost. According to the company, its Digital Casting technology is the first and only additive manufacturing technology that uses the customer’s current metal raw material – providing huge benefits in adoption rate.
The Digital Casting technology blends the benefits of both additive manufacturing and traditional casting, while avoiding the typical associated deficiencies – allowing for a streamlined and flat supply chain, digital inventory, and remote manufacturing hubs, without the need for a traditional foundry infrastructure.
“Magnus Metal’s technology is at the forefront of the digital casting revolution in metal production, forging transformations in sustainability, flexibility of design processes, and massively reducing the time spent in development”, said Boaz Vinogradov, CEO of Magnus Metal. “We remain faithful to the industry’s 4,000 years of tradition while reimagining and refashioning how metal parts are produced for modern purposes. We are excited to bring our unique capital equipment, industry 4.0 environmentally friendly, advanced processes, and digital know-how and apply them to the metal casting process, driving it into a new digital era.”
Magnus Metal’s Digital Casting solution leads to vastly improved safety, sustainability, and financial outcomes. Its data-driven process results in marked efficiencies – requiring 40-60% less raw material – significantly lowering the overarching cost and decreasing the burden on natural resources. The removal of traditional tooling means time savings of between 6-18 weeks while producing parts that are of lower defectivity and 10-20% stronger than the conventional alternative.
“We co-led this investment based on customers’ demand for Magnus Metal’s solution in order to on-shore production lines to overcome supply chain and quality issues. Digital Casting is the only technology that allows reduction of production cost, meeting environmental regulation, meeting and surpassing quality standards, and increase business agility with shortened delivery time and increased customization,” said Ran Achituv from Entrée Capital. “It is the only solution that doesn’t require new engineering and design as it digitally casts parts using the current customer’s raw materials.”
Magnus Metal’s process allows up to one ton of solid metals to be manufactured in a fully controlled environment – customized and crafted within their purpose-built, standalone platform – enabling a production lifecycle that depends on less material, manpower, and time. Magnus Metal is the only AM company that meets the American Society for Testing and Materials standards for iron. Through Magnus Metal, the design-to-manufacturing cycle is shortened, raw materials are efficiently used, and quality control is elevated.
