To be used for expanding in-house manufacturing capabilities and scaling up operations within the industry.
Parkwalk Advisors, a prominent investor specializing in ‘hard science’ companies that commercialize scientific discoveries from renowned UK research universities, is investing £2 million in Wayland Additive as part of a £4.2 million funding round. Wayland Additive is a manufacturer of metal 3D printers that utilize EB-PBF technology.
Wayland Additive, based in Huddersfield, designs, develops, manufactures, and sells the Calibur3 industrial 3D printing machines. This funding round, led by the UK’s leading investor in university spinouts, will enable Wayland Additive to expand its in-house manufacturing capabilities and scale up its operations within the industry.
The company was established by a highly skilled engineering team with a rich history in the engineering sector and strong ties to the internationally renowned Department of Materials Science and Engineering at the University of Sheffield. Metal additive manufacturing (AM) offers numerous advantages, including the creation of complex and innovative products, enhanced productivity, superior process monitoring and control, as well as material versatility. Wayland’s own Neubeam electron beam powder bed fusion (EB-PBF) technology allows for the production of larger parts with reduced stress compared to conventional EBM processes.
This development follows Wayland Additive’s successful introduction of its technology to buyers in various sectors, including aerospace, mining, engineering, medical, motorsport, and military and defense. Notable customers include Exergy Solutions in Canada and recent installations in Europe. Wayland currently operates in North America and Europe, and this funding effort will support the company’s expansion of its global customer base.
Will Richardson, CEO of Wayland, stated, “Wayland has experienced tremendous growth in the past year, and this funding round is a significant milestone for our business as we seek additional funding in the coming year. After a successful 2023, our focus is on further developing our in-house production capacity and expanding our global customer base, enabling more sectors to benefit from our state-of-the-art electron beam printing technology.”
Parkwalk Advisors, which has been supporting Wayland since 2021, is participating in this new funding round along with long-term backer Longwell Ventures, resulting in a total of £4.2 million raised. The funding round will continue with a target of £10 million. This follows an oversubscribed Series A funding round of £4.6 million in April 2023, building on previous funding achievements.
Martin Glen, Investment Director of Parkwalk Advisors, commented, “We are delighted to play a leading role in the growth of Wayland Additive as it continues to scale up its operations. Wayland is a prime example of a university spinout driving significant positive change by deploying unique, cutting-edge technology across various sectors and challenges. We are excited to witness the further growth of the company.”
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