Divergent 3D Announces Series B and Related FundingDivergent 3D (11:59PM)
Business Wire India
Divergent 3D, a technology development and licensing company that is creating a sustainable manufacturing revolution in the car industry, announces a Series B financing scheduled for close on or before December 15, 2017. The Series B close is $65+million with an additional investor option of $40 million to further accelerate revenue growth, bringing the aggregate funding, with option, to $107 million. Hong Kong-based investment holding company, O Luxe Holdings Limited ("O Luxe"), led the investment group, which includes Horizons Ventures, Shanghai Alliance Investment Limited and Altran Technologies.
Launched in 2014 by Founder & CEO Kevin Czinger, Divergent's patented, end-to-end software-hardware solution incorporates 3D metal printing into the design, engineering and manufacturing of advanced vehicle structures for the automotive and aerospace industries. Its proprietary Divergent Production System™ automates structural design and optimization for volume manufacturing of lightweight structures without upfront, capital-intensive factory and tooling investments.
"With the ability to quickly respond to market demands, the Divergent system allows automakers and technology companies to innovate at a much faster rate—scaling up volume production at only a fraction of the cost while also alleviating environmental damage," explains Czinger. "As a leading investment holding company dedicated to advancing sustainable manufacturing and transportation, O Luxe aligns with Divergent's mission and fully understands the importance of disruptive technologies to the automotive industry. We are thrilled to partner with a company that supports our growth and vision."
Marking a major financial milestone, the Series B funding will accelerate the commercialization of Divergent's technology and provide additional resources to proliferate the technology globally, especially in the rapidly expanding Chinese electric vehicle market. Through non-exclusive partnerships with automakers and technology companies, Divergent will continue its strong momentum in leading the adoption of an economically and environmentally transformative manufacturing solution—building safer, stronger and more profitable eco-friendly vehicles at mass volumes.
In January 2016, Divergent announced the first close of its Series A financing and received a total of $23 million Series A funding. Since then, the technology development and licensing company has received global recognition for its manufacturing solution, and forged strategic partnerships with Altran, SLM Solutions and PSA Group (Peugeot, Citroen & DS).
About Divergent 3D
Divergent 3D harnesses the power of 3D printing to unleash innovation in automotive manufacturing. Its breakthrough technology platform transforms the economics and environmental impact of designing and manufacturing complex structures such as cars. Divergent's planet-saving manufacturing approach enables both low and high volume manufacturing without costly, traditional tooling and capital expenses, enabling manufacturers to quickly iterate and invent new vehicle models for competitive advantage. As a technology company, Divergent partners with OEMs and innovative startups around the world to produce the next generation of vehicles. Divergent 3D was recently honored with the Petersen Automotive Museum Award for Leadership & Innovation. For more information, please visit www.divergent3d.com.
About O Luxe Holdings
O Luxe Holdings Limited is a Hong Kong-based investment holding company focused on developing technology-based companies that will accelerate the global adoption of electric vehicles and drive the world toward sustainable manufacturing and transportation. O Luxe company most recently acquired GLM Co., Ltd, a Japanese electric vehicles and engineering solutions company, and received a major investment from Mr. Li Ka-shing, a renowned Hong Kong entrepreneur, investor, and philanthropist. The Group is principally engaged in distribution of watches, wholesale trading of jewellery products, mining, money lending and securities investments.
About Horizons Ventures
Horizons Ventures, the private investment arm of Mr. Li Ka-shing, is a leading investor in some of the world's most innovative companies and disruptive technologies, including Facebook, Spotify, Impossible Foods, Improbable, Zoom, Blockstream, Soul Machines and ChromaDex. For more information, please visit http://horizonsventures.com/
Shanghai Alliance Investment Limited is a private equity and venture capital arm of Shanghai Municipal Government. The firm invests in high-tech, media, entertainment, infrastructure, financial services, telecommunication, healthcare, life science, and emerging low-carbon sectors such as clean energy, new material and eco-environment protection. Shanghai Alliance Investment Ltd. was founded in 1994 and is based in Shanghai, China.
As a global leader in Engineering and R&D services (ER&D), Altran offers its clients a new way to innovate by developing the products and services of tomorrow. Altran works alongside its clients on every link in the value chain of their project, from conception to industrialization. For over thirty years, the Group has provided its expertise to key players in the Aerospace, Automotive, Defense, Energy, Finance, Life Sciences, Railway, and Telecoms sectors, among others. With a headcount of more than 27,000 employees, Altran has a presence in more than 20 countries.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171121006158/en/
Hong Kong & Los Angeles, United States