Nanosteel Corp., Providence, announces the spinout of its additive manufacturing business unit into a new corporation named Formetrix. Led by an industrial leader in additive manufacturing and including investors Cycad Group and SPDG, Formetrix closed its Series A capital raise to accelerate the commercialization of Formetrix steel alloys for 3D printing processes.
Over the past four years, the team has developed novel alloys with exceptional material properties that current 3D printable or metal injection molded alloys do not offer. Leveraging NanoSteel’s decade long expertise in patented steel alloy design, Formetrix metal powder portfolio provides an attractive combination of benefits such as higher hardness, higher ductility, and higher wear resistance than existing alternatives.
The company’s initial industry focus is on materials for hot and cold forming tool and dies (i.e. molding, casting and stamping) within the automotive, oil and gas, and heavy machinery markets. Formetrix patented BLDRmetal powders use conventional steel alloying elements in novel ratios to create a powder platform well suited to the stresses experienced in most additive manufacturing processes.
“Formetrix was formed to provide new, high performance steel alloys to accelerate the adoption of additive manufacturing within the tool and die and aluminum die cast industries,” says NanoSteel President and CEO David Paratore. “Growth in these sectors has been limited in part to the lack of suitable materials, and we believe we have developed excellent new options.”
