Michelmores’ has advised Foresight Williams Technology EIS Fund (a collaboration between Foresight Group and Williams Advanced Engineering, part of the Williams Formula One Group) (FWT) on its recent investment into Additive Manufacturing Technologies Limited (AMT). FWT co-invested alongside DSM Venturing (the venture capital arm of Royal DSM) in a £4.2m Series A funding round.
This Series A funding round follows an Innovate UK grant and seed investment from Midwest Additive Ventures and NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund.
Founded in 2017 and based in Sheffield, AMT was established with the aim of developing industrial technologies to enable the deployment of 3D printing for mass production and it specialises in the post-processing of 3D printed parts. The company’s first product, PostPro3D, utilises technologies initially developed at the University of Sheffield. The company now also has operations in both the US and Hungary.
Since its launch, AMT has quickly gained traction and secured contracts with several blue-chip companies with applications ranging from aerospace to footwear.
The partnership between Foresight and Williams combines the high performance engineering and technological expertise of the Williams Advanced Engineering group with the fund management expertise of Foresight Group. This is the thirteenth investment made by the Foresight Williams Technology EIS Fund into disruptive early-stage companies.
Commenting on the investment, Andrew Bloxam, Senior Investment Manager at Foresight, said:
“AMT has been quietly executing at an incredible pace since launching three years ago and is now delivering exceptional products that solve real-world industrial additive manufacturing needs. Joseph and his team are focused on continued product innovation and we believe the best is yet to come for AMT and its customers”.
Harry Trick commented:
“It was a pleasure to act for FWT on what is an important strategic investment for them. The 3D printing market is experiencing dynamic growth, particularly in the US, and both investors see huge opportunities in the varied application of these technologies”.
Freeths were legal advisors to AMT and CMS Cameron McKenna Nabarro acted for an existing investor.