New York-based nTopology, a developer of software used in design and manufacturing of 3D-printed parts and products, just raised $40 million in Series C funding.
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The investment comes amid a time of rapid change in the adoption of digital manufacturing technologies, said Bradley Rothenberg, nTopology’s CEO. Up till now, most products and parts have been designed in a handful of CAD systems with underlying technology that has remained relatively constant for decades.
Rothenberg said the rise of 3D printing, and demand for tools better equipped for a more fully digital design and manufacturing process, is shaking things up.
“Anytime in history there’s been a shift in the way we manufacture, the design and business process has to evolve,” he told Crunchbase News. This time, “3D printing is the driver.”
The funding round is larger than first anticipated, and came sooner too, Rothenberg said. Originally, the team was planning to begin seeking the Series C in the third or fourth quarter of this year, with an eye to raising $30 million.
But after hitting some key milestones early this year, Rothenberg started making inquires within his network of venture investors. That culminated in an expanded round, with the addition of a board seat for Josh Fredberg of new investor Insight Partners, who is a former executive at multiple prominent companies in computer-aided design.
nTopology says that today its software is used at hundreds of engineering companies by thousands of engineers on projects in the aerospace, automotive, medical and consumer products industries.
The company is targeting $5 million in annual recurring revenue by the end of the year, with an eye to tripling that in the next several quarters. Rothenberg said business has accelerated amid COVID-19, as remote work has provided engineers more freedom and impetus to try out new digital tools. The shift to remote training for nTopology’s platform has also been a success, he said, with hundreds in attendance.
Illustration: Li-Anne Dias