An Imperial College spin-out that specialises in 3D printing has raised £1 million in seed funding to expand its proposition.
TOffeeAM, which optimises product designs for Additive Manufacturing (AM), has secured the funding in a round led by IQ Capital.
Founded in 2019 at Imperial College London by CEO Francesco Montomoli, and CTO Audrey Gaymann, TOffeeAM specialises in structures within smart industrial production, such as coolant systems for gas turbines exceeding the performance of current heat exchangers.
The funding will be used to hire engineers and additional staff, to expand upon the existing engineering capabilities of TOffeeAM and develop further the company’s customer base, which already includes GE Aviation, Baker Hughes and a Formula 1 motor racing team.
CEO and founder of TOffeeAM, Francesco Montomoli, commented: “We are delighted to receive this funding from our investor partners – it’s a fantastic indication of their faith in the commercial applications of our technology.
“This funding will give TOffeeAM the opportunity to continue our success at speeding up 3D printing across all industries by up to 20 times faster and to expand our team with expert engineers and other team members, and continue to scale the solution to serve our rapidly expanding customer base.
“We are at the beginning of an exciting journey, and this funding will help drive our growth and the wider use of this transformative technology across a variety of industries.”