Fictiv Inc. today announced that it has closed a $100 million Series E funding round. The San Francisco-based company said it will use the investment to accelerate product innovation and expand its focus on reducing supply chain risk by virtualizing complex manufacturing workflows.
“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.”
Fictiv said its globally dispersed “Digital Manufacturing Ecosystem” rapidly delivers custom mechanical parts on-demand. The company said it offers customers a quote-to-order platform, a highly vetted and managed global partner network, and a team of manufacturing experts who manage programs and inspect quality every step of the way.
Unlike traditional contract manufacturers, Fictiv claimed that its operations use proprietary AI algorithms to deliver instant pricing, design for manufacturability feedback, and production transparency. The company's portfolio of manufacturing services includes 3D printing, CNC machining, urethane casting, and injection molding.
Fictiv also offers business services for new product development and engineer-to-order parts, as well as maintenance, repair, and operations.
Fictiv makes more than 19M parts on demand
Over the past eight years, Fictiv said it has manufactured more than 19 million parts for early-stage startups and large enterprises alike, helping more than 3,000 companies innovate with agility and get products to market faster. The company added that its “unmatched production speed, quality, and agility provide customers with peace of mind in this highly volatile environment.”
As supply chain problems persist and force factory shutdowns across the globe, Fictiv said its customers have accelerated cycle times by more than 40%, increased engineering productivity by more than 20%, and a significantly reduced 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 seven days to seconds or minutes, and our lead times down from weeks to days,” he added. “This type of speed delivers real business value to us and the productivity benefits have been profound.”
Digital manufacturing demand drives growth
Fictiv said it has grown exponentially since its founding in 2013, “as the demand for cloud-based, virtualized manufacturing continues to skyrocket.” In 2021, the company reported 100% year-over-year growth in core business revenue and an 81% growth in employees.
Activate Capital led Fictiv's Series E funding, with the participation of new investors Angeleno Group, Cross Creek, and The Westly Group. Existing institutional investors, including Accel, Bill Gates, G2 Venture Partners, and Standard Investments, also participated. This round brings the total investment in Fictiv to $192 million.
“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 [return on investment] and end-to-end business value,” said David Lincoln, managing partner at 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,” Lincoln said.
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