Fictiv secures over $33m in Series C funding
Technology leader Fictiv has closed a US$33mn Series C funding round to accelerate its transformation of contract manufacturing into a global digital ecosystem that will enable fast, flexible hardware product development and production.
Led by G2VP and new investor Mitsui & Co, returning partners include Accel, Bill Gates, Intel Capital, Sinovation and Tandon Group, bringing the company’s s Fictiv’s total investment to $58mn. The funds will be used to accelerate its work to digitise and automate the manufacturing workflow, where its cloud-based contract manufacturing platform works to deliver increased transparency, reduces the resources required for supply chain management, and lowers the cost to access manufacturers.
The business is responsible for an array of operations, including 3D printing, injection moulding, automatic design for manufacturability, as well as housing US and APAC service teams led by manufacturing experts.
Core initiatives for the company include: investment in its cloud infrastructure and software tools to streamline workflow, expansion of its global manufacturing network to increase access to manufacturing capabilities, materials, and capacity, and hiring top talent to scale its industry-leading service experience.
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“Fictiv is developing the software infrastructure required to connect the manufacturing workforce and trillions of dollars of capital equipment,” explained CEO and Co-Founder Dave Evans in a recent press release. “Both product developers and manufacturers will benefit from the efficiencies gained by eliminating unnecessary, repetitive tasks and unlocking employees to focus on creative problem solving.”
“With Fictiv, companies are no longer required to invest in large supply chain teams to bring a product to market,” commented Fictiv CXO and Co-Founder Nate Evans. “Just as companies rely on services like Amazon Web Services rather than building and managing their own server racks, anyone can leverage Fictiv’s platform and global network to streamline the product development and production process, providing the flexibility to win in today’s competitive global market.”
Driven by the power of data to build smart, responsive products, product developers are leveraging sensors to connect everything, creating a surge of disruptive hardware innovation. Competitive pressures have never been higher, and time to market for new products is paramount.
“Fictiv’s innovative tools and services address the critical gap in contract manufacturing that will lead to a massive shift in how consumer and industrial products are manufactured,” added Daniel Oros, Partner at G2VP.