TOffeeAM has raised £1 million in Seed funding to expand its innovative team, and advance its intriguing ‘automatic design software’.
Its claims to be able to produce intelligent, complex and efficient designs suitable for additive manufacturing – with solutions up to 40 per cent more efficient, which can be produced 20 times faster – is based on research done at Imperial College London university.
The software looks to not only optimise parts but also systems, reducing the number of parts and increasing their resilience.
As a result, IQ Capital, alongside the Royal Academy of Engineering and Imperial College London’s Techcelerate program have led a new round of investment.
The funding will be used to hire engineers and additional staff, to expand upon the existing engineering capabilities of TOffeeAM and develop further the company’s customer base, which reportedly includes GE Aviation, Baker Hughes and somewhat cryptically ‘a Formula 1 motor racing team’.
It’s one of the most eye-catching UK academic research spinoffs, having already been recognised by the Enterprise Fellowship from the Royal Academy of Engineering, a Techcelerate prize, the Amazon AWS Programmable 2018 and the Amelia Earhart Fellowship.
CEO and founder of TOffeeAM, Francesco Montomoli, said: “This funding will give TOffeeAM the opportunity to continue our success at speeding up 3D printing across all industries by up to 20 times faster and to expand our team with expert engineers and other team members, and continue to scale the solution to serve our rapidly expanding customer base.
“We are at the beginning of an exciting journey, and this funding will help drive our growth and the wider use of this transformative technology across a variety of industries.”
Ed Stacey, Managing Partner of IQ Capital, commented: “This funding will allow the team to further commercialise their technology with additional staff, particularly the engineers which will drive forward the innovation at the heart of this company.
“With the intelligent software the team has developed and the strong deep tech expertise of the team, the sky is the limit in terms of TOffeeAM’s capabilities.”