Printing Money

In this bonus episode, Alex and Danny interview Ric Fulop, co-founder and CEO of Desktop Metal. Desktop Metal has recently concluded merger talks with Stratasys after a shareholder vote led to a termination of the deal. In this interview, Ric dives into his motivations for the merger, and shares much of the background context on Desktop Metal’s history with Stratasys, plus other players such as Nano Dimension and 3D Systems. Additionally, Alex and Danny dive into some of the history around Desktop Metal, Ric’s move from VC back into the entrepreneurial world, his thesis for forming Desktop Metal, motivations for the SPAC, and the acquisition strategy thereafter.   0.00: Intros   3.56: Ric’s background and DM’s history   11.20: Development and launch of DMs Production System   15.45: Ric’s move from VC to Founder   17.50: DMs fundraising prior to their SPAC   22.05: The reasons DM listed via a SPAC   26.45: DM’s acquisition strategy and early talks with ExOne   28.07: DMs initial offer to acquire Stratasys in January 2021   31.26: DM’s acquisition of EnvisionTEC and Adaptive3D   34.39: Nano Dimension’s offers to acquire Desktop Metal   38.25: 3D Systems offers put to Stratasys   39.14: Termination of merger with Desktop Metal and Stratasys   40.55: Did Stratasys shareholders make the wrong decision?   45.17: Latest DM financials and cost savings   48.35: Integration strategy of DM of the acquired companies   51.55: What will Nano Dimension, 3D Systems and Stratasys do next?   54.32: Potential for another Desktop Metal merger in future?   55.50: Any future Desktop Metal acquisitions?   57.55: Wrap-up

In this episode, the hosts discuss the acquisition of Cubicure by Align Technology and Sigma Additive's move to become an online travel company. They also cover recent funding rounds for start-ups like Metafold3D, Saeki Robotics, and Kind Designs. Additionally, the podcast highlights the end of merger talks between Stratasys and 3D Systems.

A summer slow down in financings means that Troy, Danny, and Alex get to spend more time on acquisitions and the public markets this episode. Two acquisitions are up for discussion: SLM Solutions purchase of Adira Addcreative, and that of Xerox's Elem Additive by ADDiTEC. Next, the public markets have just completed Q2 reporting, so Troy Jensen, Senior Research Analyst from Lake Street Capital gives his market roundup. Together, Troy, Danny, and Alex continue the discussion on the Stratasys-3D Systems-Desktop Metal-Nano Dimension merger fest, and also consider the positions of Markforged and Velo3D. Then the trio discuss the 3D printing service bureaus, both publicly listed and also non-public, and how private equity is moving in the 3D printing industry. 0.48: Summer slowdown in financings 1.42: SLM Solutions acquires Adira Addcreative 6.25: ADDiTEC acquires Elem Additive 11.05: OEM public companies general commentary 12.27: Velo3D Q2 results and $70 million convertible offering 13.28: Markforged Q2 results, rumors of new machine and share price movement 16.10: Nano Dimension, Markforged, Velo3D results and merger discussion 20.22: Desktop Metal has a healthy Q2 21.08: 3D Systems faces challenging conditions in dental and industrial  22.13: Stratasys Q2 and negotiation tactics with 3D Systems 27.40: Consolidation in the industry and need for scale 29.23: Service bureau public companies general commentary: Fathom, Protolabs, Xometry, Shapeways 33.41: Market dynamics for 3d printing service bureaus, both public and private 41.07: Data disclaimer This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice.

The deals didn’t take a break over the summer, as Alex and Danny have plenty to discuss in this July episode of Printing Money. Applications increasingly take centre stage as Conformis is acquired by restor3D, and Lightforce raise an impressive Series D, showing maturity in the medical and dental fields; while Sintavia and Agile Space attracted funding showing strength in the aerospace and space sector. Broader economic conditions are still precipitating events as Sakuu cancelling their SPAC and Shapeways doing a reverse stock split, while the offers on Stratasys keep rolling in and the speculation deepens with the latest SEC filings and an about face from Stratasys. 1.07: Conformis is acquired by restor3D 7.32: CADS Additive acquired by Hexagon 11.45: What is the difference between M&A and VC/investment? 18.32: Sintavia receives strategic investment from Lockheed Martin 25.20: Albert Invent raises $7.5 million seed round 29.55: Chromatic3D raise venture funding 32.02: PostProcess raises bridge round of $1.4 million 34.02: AIM3D raises undisclosed amount 36.58: FononTech raises €2.3 million 39.10: Agile Space raises $13.85 million in a combined seed round 42.22: Replique raises seed round 44.02: Sakuu terminates SPAC with Plum Acquisition Corp. 45.25: Shapeways reverse stock split 48.34: Round up of Stratasys offers from 3D Systems and Nano Dimension This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice.

Dayton Horvath, director of Emerging Technology at the Association of Manufacturing Technology, joins Alex and Danny for a look at the public and private markets in 3D printing. Starting with the 3D Systems bid for Stratasys, the trio recap what has led to this most recent bid and weigh up the different outcomes for Stratasys. Two personalised implant companies are also up for discussion in this episode, with OSSIS being acquired by Zimmer Biomet and Restor3D crowd funding their latest raise. Artificial Intelligence (AI) has been a popular field of investment in an environment of shrinking capital, and 3D printing has several AI-based start-ups attracting funding recently, including Ai Build, 3DSpark, and Voxel. A number of bigger funding rounds were seen coming out of the Boston innovation ecosystem, with Alloy Enterprises, Fortify, and Boston Micro Fabrication all closing big rounds. Finally, some investment from Mitsubishi Electric in an intriguing Japanese start-up shows signs of the Japanese investment community gearing up commitment to 3d printing technologies. See the timestamped outline below: Intro: Welcome Dayton Horvath from AMT 3.30: Investment trends in additive manufacturing 5.25: Sales trends in Q1, 2023 7.30: Geographic split in markets 8.35: 3D Systems makes unsolicited bid for Stratasys 20.30: Zimmer Biomet acquired OSSIS 29.00: Solid Solutions acquires 3DPRINTUK and 3DVerkstan 31.25: VC investment in artificial intelligence in the 3d printing industry 32.43: AI investment 1 - Ai Build 36.15: AI investment 2 - 3D Spark 38.07: AI investment 3 - Restor3D 39.05: AI investment 4 - Voxel 40.40: Alloy Enterprises Series A 45.28: Fortify joint strategic investment 47.55: Boston Micro Fabrication closes Series D 48.30: Elephantech and Mitsubishi Electric/ME Innovation Fund 52.15: Thanks to Dayton Horvath and Redondo Union High Schoolers!

In what is shaping up to be the biggest deal in the 3D printing industry of 2023, Stratasys and Desktop Metal will combine to form a $1.8 billion company. Alex and Danny unpack the particulars of the deal, including some of the motivations behind it, namely repeated takeover attempts of Stratasys by Nano Dimension. The product portfolios of both Stratasys (Nasdaq: SSYS) and Desktop Metal (NYSE: DM) are discussed in relation to what the merged company may look like, how it may operate, and what potential cost savings are realistic. Additionally, ramifications for the broader industry and current listed companies are unpacked. The merger is still subject to shareholder approval however, so the value of this merger for shareholders on both sides is examined.

Arno Held, Managing Partner of AM Ventures, joins Alex and Danny for an episode heavily focused on recent VC deals, from series A to C+ across the globe, including ARRIS Composites, Quantica, Boston Micro Fabrication, and stealth-mode start-up Fluent Metal. IPOs from Farsoon and XJET are discussed; with some commentary on the latest quarterly results from the public markets showing a soft capital equipment market, but a more optimistic outlook for service providers. The trio also comment on the CFO resignation and NYSE non-compliance notice of Markforged (NYSE: MKFG). Time stamps of the episode below! 0.00: Introductions - Arno’s background and AM Ventures 9.40: Farsoon IPO 14.58: XJET IPO 21.05: Arris Composites Series C-1 25.45: Caracol AM Series A 31.43: Quantica Series A 38.25: Zellerfeld 3rd seed round 33.38: Wayland Additive new funding 47.05: Boston Micro Fabrication Series C+ 49.57: Lynxter Series A 51.40: Fluent Metal seed funding 54.00: 3D Systems acquires Wematter 57.40: Public markets Q1 results, including departure of Markforged CFO Mark Schwartz

Special guest Troy Jensen, Senior Research Analyst with Lake Street Capital Markets, joins Alex and Danny for a closer look at some of the biggest publicly listed 3d printing companies. In this episode Alex, Danny, and Troy discuss the hostile takeover attempt of Stratasys by Nano Dimension, 3D Systems' performance and valuation, Desktop Metal versus Markforged, Velo3D's point of difference. They then take a look at the services companies such as Protolabs, Xometry, and Fathom. A recent VC financing for Makerverse is also covered, as well as notable acquisitions by Stratasys and Nexa3D. With the recent release of numerous additive manufacturing market reports, Alex, Danny and Troy reflect on this fresh dataset as it relates to investor appetite within the 3D printing industry. This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice.

So many 3D printing companies rely on venture capital (VC) to fund development and growth plans, so the recent collapse of Silicon Valley Bank was a huge shock to the additive manufacturing industry. In this episode of "Printing Money," we discuss how the news relates to some recent significant VC announcements: Fabric8Labs raising its Series B, plus another application-centric company Sakuu announcing the potential for a SPAC, Zeda Inc.'s series B, Freeform coming out of stealth, and Hexagon’s investment in Divergent Technologies. Disclaimer on No Investment Advice: The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice.

As the additive manufacturing industry continues to rapidly grow and evolve, so too does the financing that enables the technology innovation. ‘Printing Money’ takes a deeper look at the transactions behind some of the most innovative 3D printing businesses. Episode 1 sees us unpack the current state of the 3D printing public markets and M&A activity, covering Nano Dimension’s (Nasdaq: NNDM) offer to acquire Stratasys (Nasdaq: SSYS), Sigma Additive, SLM Solutions/Nikon acquisition closing; and two recent private equity deals: SyBridge Technologies and ADDMAN Engineering. Disclaimer on No Investment Advice: The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice.