Mosaic Manufacturing Ltd. has raised CA$28 million in growth capital to scale up production of its innovative 3D printers. The funding, announced Wednesday, will allow Mosaic to scale its locally manufactured 3D printing systems, which are made in Canada and designed for industrial use.
The round was led by Montreal-based Idealist Capital, with participation from previous backers including Toronto-based Freycinet Ventures. François Boudreault of Idealist Capital will join Mosaic’s board of directors, alongside the company’s co-founders Mitch Debora, Derek Vogt and Chris Labelle, as well as James Appleyard of Freycinet. A number of private family offices also participated in the funding round, but details were not disclosed.
Expand in response to growing demand
Mosaic CEO Mitch Debora explained that the company is seeing increasing demand from manufacturers looking to shift their supply chains back to their home countries. This trend, known as nearshoring, is accelerating as companies look for ways to shorten supply chains in response to disruptions caused by the pandemic and global geopolitical tensions.
“We raised this funding because we see manufacturers actively adopting our technology to move supply chains back to their home countries,” Debora said in an interview with BetaKit. “With a few months of funding, we have entered the expansion phase and are working to introduce our technology to more factories.”
Founded in 2014, Mosaic has already raised $10 million from investors including Techstars, Real Ventures and SOAN. This latest round of funding of CA$28 million will support the company’s efforts to expand its 3D printing systems and expand its customer base.
Innovative 3D printing system
Mosaic is known for its automated 3D printers, which manufacturers use to produce custom plastic parts on demand. The company offers a range of systems priced from $10,000 to $100,000. The latest innovation, Array, launched in early 2023, allows continuous production with almost no manual intervention.
The Array has four print compartments and a storage area for collecting printed parts. As an example of efficiency, Debora explained that the system can produce up to 30,000 parts in 72 hours without human supervision during the entire process. Customers can install as many machines as needed to meet their production requirements, making the system highly adaptable.
Mosaic secures $28 million in funding to expand its 3D printing infrastructure
Mosaic’s latest 3D printing system – Mosaic Array. (Image credit: Mosaic.)
Expand business reach and future development
Mosaic’s 3D printing systems are gaining traction with contract manufacturers, particularly in the medical device, machinery and automation industries. The company has customers in Canada, the United States, Mexico, Germany and Hong Kong, and plans to expand into new verticals and geographies. This latest funding will focus on expanding Mosaic’s operations in North America and Europe and will lead to an announcement on the use of the technology in consumer textile production.
In addition to expanding its customer base, Mosaic plans to use the new funding to double the size of its current team of 60 employees in the Greater Toronto Area over the next 12 to 18 months. The company is also focused on building its management team and business units while strengthening its manufacturing infrastructure in Canada.
“We are taking full advantage of our pioneering position in the market, working with some of the largest companies in the world,” added Debora, emphasizing that Mosaic’s batch 3D printing system is unique in its category.
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