It's just business: Manufacturing moves from Fisker, GrayMatter Robotics, Vision Miner, and more
As manufacturers strive to optimize and improve profitability, they often use various business strategies to stay competitive. These actions include mergers, acquisitions, promotions, layoffs, funding, and much more. Below are just a few of the companies that are making moves and making headlines in the industrial sector.
Capital: iCOMAT has raised $22.5 million in its Series A round of funding. The company, which specializes in advanced composite manufacturing, received investments from 8VC and NATO Innovation Fund, as well as Syensqo Ventures and Velocity Partners VC. In a recent quote, Kelly Chen, Partner, NATO Innovation Fund, said, "We're excited about iCOMAT's groundbreaking technology and believe they will play a critical role in building a more resilient and sustainable future. We are proud to be investing in teams that are revolutionising the transportation and defense sectors, from ground to sky to space."
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Bankruptcy: Fisker Group Inc. has officially filed for Chapter 11 protection in the District of Delaware. In a recent press release, a company spokesperson said, “We are proud of our achievements, and we have put thousands of Fisker Ocean SUVs in customers’ hands in both North American and Europe. But like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently. After evaluating all options for our business, we determined that proceeding with a sale of our assets under Chapter 11 is the most viable path forward for the company.”
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Acquisition: Berkley has officially announced its acquisition of Sisco Corporation. Berkley, which specializes in packaging and display solutions, hopes the corrugated sheet manufacturer will help improve its in-house production capabilities and better meet customers’ needs. In a recent quote, Berkley cofounder Eric Berkley said, "We are thrilled to welcome Sisco Corporation onto the Berkley team. Their dedication to quality and community mirrors our own values, making this a natural and exciting fit. We look forward to leveraging their expertise and equipment to better serve our customers and continue our history of growth."
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Capital: GrayMatter Robotics has raised $45 million in a Series B round of funding. The AI-powered robotics company’s latest round of funding was led by Wellington Management, with additional investments coming from NGP Capital, Euclidean Capital, Advance Venture Partners, and SQN Venture Partners. In a recent quote, Ariyan Kabir, co-founder and CEO, said, "We founded GrayMatter to enhance productivity while prioritizing workforce well-being. With our physics-based AI-powered systems, we are fulfilling our mission while unlocking new levels of efficiency and productivity. With our investors' support, we are making a real difference for shop workers and addressing the critical labor shortages in manufacturing today."
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Acquisition: Vision Miner has announced its acquisition of AddWise, a manufacturer of 3D printing machines. Vision Miner, which provides 3D printing solutions for the industrial sector, hopes the acquisition will improve the company’s in-house manufacturing capabilities. In a recent quote, Patrick Smith, Founder & CEO of Vision Miner, said, "The acquisition of AddWise is a transformative milestone for Vision Miner. By combining our 8 years of experience and success in the industry with AddWise's advanced manufacturing capabilities, we are now better positioned than ever to deliver the most innovative and reliable industrial 3D printing solutions to our global customer base."
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