In the past, the transition from prototyping to production meant long, expensive trips to places like Shenzhen and a lot of trial and error. Fictiv was founded in 2013 to address some of the biggest pain points of marketing products. The San Francisco startup runs what it calls a Digital Manufacturing Ecoystem, which is basically an easy-to-use marketplace for doing just that.
A startup uploads a CAD file or 2D drawings, chooses parts and production methods (3D printing, injection modelling, etc.) and the Fictiv system displays estimated costs, time and other important information. The appeal of such a system is clear, especially for young hardware companies. It’s also easy to see why the San Francisco-based startup is gaining traction amid the pandemic and ensuing supply chain issues.
According to CEO Dave Evans, the company produced four million parts in 2021 alone. All told, Fictiv says it has made 19 million mechanical parts for 3,000 companies.
“The pandemic has raised awareness of customers and their supply chain issues, driving demand for our services – we produced more than 4 million parts last year,” Evans said in an email to MovieUpdates. “To ensure our processes and security matched our output, we bolstered our business security with SOC 2 certification to support our new business workflow services. These services accelerate new product development, shorten cycle times for engineer-to-order products and increase efficiencies in maintenance, repair and machining of production line tools.”
Keeping all that in mind, the company announced today that it has raised a $100 million Series E. The new round doubles Fictiv’s funding to $192 million so far. Activate Capital led the round, which also included Accel, Bill Gates, G2 Venture Partners, Standard Industries, Angeleno Group, Cross Creek, The Westly Group and William Blair Merchant Bank. It’s a lot of companies, but $100 million is a lot of dollars.
“Fictiv has differentiated itself as an innovative digital manufacturing solution that offers not only unprecedented speed, but also scalable partnerships that deliver immediate ROI and end-to-end business value,” Active Capital’s David Lincoln said in a release. “We believe Fictiv is the category leader transforming how companies like Honeywell gain unparalleled enterprise productivity, efficiency and scalability through digitized workflows that dramatically change the speed and quality of production in markets such as energy, healthcare, aerospace and transportation.”
The company says the funding will go – in part – to addressing some of the aforementioned supply chain issues with its platform.
“Fictional gives companies the freedom to focus on building new products that serve their customers,” Evans says. “We work with manufacturing partners to help companies rationalize their supply chains and consolidate an otherwise fragmented and impractical supply base. Our globally distributed network is naturally much more flexible and resilient than a traditional supply chain.”