Magnus Metal, which is innovating industrial, high volume digital casting for metal alloys, announced on Thursday that it 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 Inc., 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 is innovating the centuries-old metal casting industry by providing an Industry 4.0 based, fully automatic manufacturing solution that aims to make the process faster, safer, and environmentally friendly, while both improving quality and reducing cost.
Magnus Metal is the only additive manufacturing technology that uses the customer’s current metal raw material providing huge benefits in adoption and adoption rate.
“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”, says Boaz Vinogradov, CEO of Magnus Metal. “We remain faithful to the industry’s 4000 years of tradition, while reimagining and refashioning how metals parts are produced for modern purposes. We are excited to bring our unique capital equipment, industry 4.0 environmentally friendly, advanced processes and digital knowhow and apply them to the metal casting process, driving it into a new digital era.”
Magnus Metal’s process allows up to 1 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 which depends on less material, manpower and time.
Vinogradov founded the company in 2017 together with CTO Gil Lavi, Chief Scientist Moshe Frenkel, and VP Process Itay Roded. The company employs around 100 people and is headquartered at the Tzora Industrial Park.
