AI Online

Ai INNOVATION, SINCE 1895

Fictiv Secures $100 Million in Funding to Solve Urgent Supply Chain Risks and Accelerate Time to Market for Product Companies

Co-founders Dave Evans and Nate Evans (from left to right) founded Fictiv in 2013. To date, the company has delivered over 19 million mechanical parts to more than 3,000 product companies.

 

Fictiv, a leader in high-quality, on-demand manufacturing, today announced the closing of a $100 million Series E funding round. The investment will advance Fictiv’s mission to accelerate product innovation with an expanded focus on decreasing supply chain risk through its best-in-category technology and product experience. This unique combination of benefits helps Fictiv’s customers tackle both the continuous, competitive pressures to innovate faster and address the relentless, daily supply chain disruptions.

The funding round, led by Activate Capital, includes new investors from Angeleno Group, Cross Creek, The Westly Group,am and existing institutional investors including Accel, Bill Gates, G2 Venture Partners, and Standard Investments. This Series E brings the total investment in Fictiv to $192 million since its founding in 2013.

“We’re grateful for this outstanding support from our investment partners,” said Dave Evans, CEO of Fictiv. “We plan to leverage this new capital to accelerate our investment in our customers’ top challenges, particularly time to market for new products and supply chain risk and geographic resilience, through increased collaboration across organizations with reliable, transparent sourcing workflows.”

To date, Fictiv has led the movement to virtualize complex manufacturing workflows, delivering over 19 million mechanical parts to more than 3,000 product companies. The company’s unmatched production speed, quality, and agility provide customers with peace of mind in this highly volatile environment.  As supply chain issues persist and force factory shutdowns across the globe, Fictiv customers have realized 40%+ accelerated cycle times, 20%+ greater engineering productivity, and a significant reduction in operational costs associated with managing an overly inflated, fragmented supply chain.

“Fictiv has been transformational for our business,” said Sean Williams, General Manager at RBC Bearings. “We started working with Fictiv in September 2021 and since then have been impressed with their level of service and technical expertise, as well as the quality we receive.  In our business, every second counts, and Fictiv has streamlined our workflows to reduce quoting time down from 7 days to seconds or minutes, and our lead times down from weeks to days. This type of speed delivers real business value to us and the productivity benefits have been profound.”

Fictiv has grown exponentially since its founding as the demand for cloud-based, virtualized manufacturing continues to skyrocket. In 2021, Fictiv saw 100% year-over-year growth in core business revenue and an 81% growth in employees.

“Fictiv has differentiated itself as an innovative digital manufacturing solution that provides not only unprecedented speed but also scalable partnerships that deliver an immediate ROI and end-to-end business value,” said David Lincoln, managing partner, Activate Capital. “We believe Fictiv is the category leader transforming how companies like Honeywell gain unmatched productivity, efficiency, and enterprise scalability through digitized workflows that dramatically change the speed and quality of manufacturing in markets such as energy, healthcare, space, and transportation.”

Fictiv’s manufacturing services are accessible on-demand through a cloud-based platform to solve customer challenges across new product development, engineer-to-order parts, and maintenance, repair, and operations.

For more information on Fictiv, visit the company’s website. 

About Fictiv

Fictiv operates a globally dispersed Digital Manufacturing Ecosystem that rapidly delivers custom mechanical parts on-demand. Its quality-driven ecosystem offers customers unprecedented manufacturing agility and speed through a digital quote-to-order platform, a highly vetted and managed global partner network, and a team of manufacturing experts that manage programs and inspect quality every step of the way. Different from traditional contract manufacturers, Fictiv’s operations are built around a digital core that leverages proprietary AI algorithms to deliver instant pricing, design for manufacturability feedback, and production transparency. Fictiv’s portfolio of optimized manufacturing services includes 3D printing, CNC machining, urethane casting, and injection molding with business solutions for new product development, engineer-to-order, and maintenance, repair and operations. Over the last eight years, Fictiv has manufactured more than 19 million parts for early-stage companies and large enterprises alike, helping them innovate with agility and get products to market faster.

Previous posts

Next posts

Tue. August 9th, 2022

Share this post