Sinterit receives $1.85 in new financing from existing shareholders
FIT AM supports polish manufacturer in difficult times for the AM industry
Sinterit – a Krakow-based, Polish manufacturer of low-cost SLS 3D printers, announced receiving additional funding from its existing shareholders in the amount of 7.5 million PLN (approx. US$ 1.85m or EUR 1.73m). In exchange for the money, the shareholders received more shares in the company. Officially, the new funds are to be used to finance marketing costs, improve manufacturing productivity, and develop a new generation of 3D printers.
The main shareholder of Sinterit is the German FIT AM Group – a leading provider of services and solutions in 3D printing and additive manufacturing, specializing in additive manufacturing for various industries such as automotive, aerospace, medicine, and tool and mold production.
Carl Fruth, CEO of FIT AM, commented on the investment:
FIT uses the Lisa X machine for our Additive Manufacturing Service. Its reliable performance and open system allow us to test materials and build parameters. I believe this machine is therefore unique in the market for small SLS systems. Technology-oriented users like us really have no other choice.
Albert Klein, CEO of Sinterit, added:
Lately, confidence in the future of 3D printer manufacturers has waned. We don’t share this sentiment and are grateful for the continued support of our shareholders. The market for additive manufacturing technology is consolidating. Affordable integrated selective laser sintering systems will have a place in this market and so will Sinterit.
Is it possible that the new CEO’s statement (he joined Sinterit in March 2024) contains the true reasons for the new investment (or perhaps recapitalization)? The 3D printing market is currently experiencing great difficulties. One of Sinterit's direct competitors – Sintratec, recently declared bankruptcy, while another – Formlabs, is celebrating record sales and over 50% market share in the number of SLS 3D printers sold worldwide.
~1.8 million USD in funding is quite modest for the market of such machines. It is therefore possible that this money was simply meant to meet the company's current needs?
Source: Sinterit press release