Lumir Backs Magnus Metal's Digital Casting Technology

Lumir Backs Magnus Metal's Digital Casting Technology

April 19, 2024

Lumir Ventures' is thrilled to announce its participation in Magnus Metal's $74 million Series B funding round. 

Magnus Metal stands at the forefront of industrial innovation, pioneering high-volume digital casting for metal alloys with its revolutionary Digital Casting™ technology. This ground-breaking approach seamlessly integrates the benefits of both additive manufacturing and traditional casting, overcoming typical deficiencies to enable streamlined supply chains, digital inventory, and remote manufacturing hubs.

In a world where the manufacturing industry faces challenges such as skilled labor shortages and tightening environmental regulations, Magnus Metal's Industry 4.0-based solution offers a transformative path forward. By significantly reducing raw material usage, streamlining production processes, and enhancing product quality, Magnus Metal is reshaping the landscape of metal part casting.

"We are excited to partner with Magnus Metal as they lead the digital casting revolution," said Dean Kavanagh of Lumir Ventures. “Magnus' commitment to efficiency, flexibility and sustainability aligns with our investment vision, and we look forward to driving innovation and delivering tangible impact in the metal manufacturing industry."

Magnus Metal's innovative approach not only addresses current industry challenges, but also unlocks new opportunities for enhanced sustainability, design flexibility, and cost savings.

Lumir Ventures joined the funding round with other noteworthy investors, including co-leads Entrée Capital and Target Global, along with Caterpillar Ventures, Tal Ventures, Deep Insight and others.