On demand manufacturing startup, Fictiv, raises $15mn for expansion

The manufacturing startup, Fictiv, has announced that it raised US$15mn in Series B funding.

The funding was led by Sinovation Ventures, with firms such as Accel, Intel Capital, FJ Labs, Tandon Group, and Stanford-StartX Fund all contributing.

The startup takes an on-demand approach to manufacturing, and has been considered “the Airbnb” of the industry by Forbes.

The company uses software to drive product development, from prototype to production, creating accessibility to hardware firms.

“Fictiv is creating a new world order in which software is democratizing access to fast, high quality manufacturing,” remarked Dave Evans, CEO and C-Founder of Fictiv.

SEE ALSO:

• Alibaba to invest in electric vehicle start-up XPENG

• UK government to finance £24mn into aerospace projects with Industrial Strategy

• Australian government to offer defence industry exporters $3.8bn finance support

• Read the latest issue of Manufacturing Global here

“We are thrilled to have these global investors on board, helping us reimagine manufacturing as more efficient and effective for both engineers and manufacturers.”

The firm’s total revenue has now reached $25mn, and Fictiv will use its recent capital to invest in growing its global network.

“Fictiv is obsessed with continuous improvement,” noted Nate Evans, CXO and Co-Founder of Fictiv.

“By capturing and analyzing customer data, Fictiv is uniquely able to guide customers through the manufacturing process, remove inefficiencies, and help teams make better decisions.”

“The intelligence built into the Fictiv system provides an unparalleled customer experience.”