MT Magazine March/April 2026

FEATURE STORY

20

THE STATE OF ADDITIVE ISSUE

Rather than indicating a contracting market, 2025 reflected a shift toward application-driven growth, industrial relevance, and disciplined capital deployment as the industry moves from “proof of concept” to “proof of value.” AM Venture Capital Investments Additive manufacturing venture capital investments are grouped into four categories based on technology and value chain position: • Core investments represent developers across AM processes, 3D printers, and postprocessing equipment alongside 3D printing service providers, online marketplaces, and other hardware technology enablers. • Applications companies include specialized service companies focused on a particular industry or product class, such as heat exchangers, consumer goods, or medical implants. • Materials investments cover materials suppliers, formulators, and developers. • Software includes companies specializing in additive manufacturing software across the computer-aided design, engineering, or manufacturing workflow. (Note: All investment and M&A data exclude biological, construction, food, and desktop consumer-focused 3D printing companies.) Global AM venture capital (VC) investments reached $1.14 billion in 2025, a significant increase from 2024. While global VC investments rebounded closer to long-term averages, the composition of capital deployment notably shifted.

Shifting From Core to Applications Applications accounted for 77% of all AM VC investments in 2025, increasing from $164 million in 2024 to $884 million. This marked increase follows investors’ reduced interest in broad, platform-centered innovation lacking clear end-use adoption pathways. In contrast, investments in core technologies decreased by 31% year over year (YOY), accounting for one third of VC investment deals in 2025 but only 17% of invested capital. The shift in deal composition away from core technologies was not driven by an increase in deal volume, as the number of additive-related VC deals remained constant from the previous year. Rather, a sharp increase in average deal size was the defining feature for 2025, with the average VC investment more than doubling from $15.8 million in 2024 to $32.7 million in 2025. This reflects investors’ growing preference for fewer, larger, application-focused funding rounds. Large funding rounds across aerospace and defense underscored this trend. Investment rounds, including Divergent Technologies’ $290 million Series E, X-Bow’s $105 million Series B, Firehawk Aerospace’s $60 million Series C, and Ursa Major’s $100 million Series E, suggested growing investor confidence in AM’s ability to deliver scalable, mission critical components for high-pressure applications. Beyond aerospace and defense, medical and industrial applications also drew significant capital. Companies like Restor3D, LuxCreo, and CurifyLabs continued to raise funding as AM proves its value in personalized health care and regulated production environments.