Funding to accelerate virtual manufacturing platform’s global expansion and development of workflow optimization tools; investors include Accel Partners, Intel Capital, Bill Gates and FJ Labs
PALM DESERT, Calif., May 08, 2018 (GLOBE NEWSWIRE) — Fictiv today announced from the Intel Capital Global Summit that it closed a $15 million Series B led by Sinovation Ventures with participation from Accel, Intel Capital, Bill Gates, FJ Labs, Tandon Group and the Stanford-StartX Fund. The company also demonstrated new workflow optimization tools and unveiled offices in Guangzhou, China.
At a time when manufacturing has become global but remains rooted in outdated time-intensive processes, Fictiv’s modern approach has proven to be a disruptive force in hardware manufacturing. Used by Silicon Valley innovators in electric and autonomous automobiles, medical robotics and consumer electronics, Fictiv has become the trusted partner to bring new products to market faster.
Fictiv CEO and Co-Founder Dave Evans underscored the unreasonably high barriers that designers and engineers have historically faced when bringing a product to market. “Fictiv is creating a new world order in which software is democratizing access to fast, high quality manufacturing,” said Evans. “We are thrilled to have these global investors on board, helping us reimagine manufacturing as more efficient and effective for both engineers and manufacturers.”
This new round brings Fictiv’s total venture funding raised to $25 million. The additional infusion of capital will be used to grow Fictiv’s global network of manufacturers and to introduce new digital tools geared towards automating and optimizing workflows for hardware teams and manufacturers.
“Fictiv is obsessed with continuous improvement,” explained Fictiv CXO and Co-Founder Nate Evans. “By capturing and analyzing customer data, Fictiv is uniquely able to guide customers through the manufacturing process, remove inefficiencies, and help teams make better decisions. The intelligence built into the Fictiv system provides an unparalleled customer experience.”
Fictiv’s software-driven approach supports the entire product development cycle – from prototype to production. It allows hardware teams that are under pressure, juggling multiple projects against tight timelines, to significantly reduce time spent sourcing and managing vendors, securing quotes, and clarifying requirements. Key features of the platform include:
- A private workspace where hardware teams collaborate on projects, provide design feedback, resolve issues, and manage file revisions;
- Intelligent algorithms that power automated quoting and manufacturability feedback to shave weeks off a typical project schedule;
- Smart matching system to instantly assess capacity and capabilities for the pairing of projects to manufacturers;
- A thoroughly vetted network of over 200 worldwide manufacturers to support requests ranging from local rapid prototyping to overseas production projects;
- A centralized online system for operations teams to track and manage orders, schedules, and shipments;
- Quality control systems that test and review parts before delivery.
Fictiv’s dual marketplace approach also benefits manufacturers. Those manufacturing partners that meet Fictiv’s quality and performance standards can maximize even small windows of capacity through the platform’s intelligent routing system, unlocking more consistent work. To date, top performers have earned over $1M USD on the Fictiv platform.
“Fictiv is a disruptive, modern approach to manufacturing that provides enormous benefit to hardware development teams across a range of industries, from high volume automotive manufacturers to consumer electronics startups,” said Chris Evdemon, partner and CEO of Sinovation North America. “We’re excited to be a part of a company that is bringing much-needed innovation to this sector, and to help the company expand to and benefit from China’s manufacturing industry.”
Fictiv is democratizing access to manufacturing, transforming how hardware teams design, develop and deliver physical products. Its virtual manufacturing platform pairs intelligent workflow and collaboration software with Fictiv’s global network of highly vetted manufacturers. From prototype to production, Fictiv helps hardware teams work efficiently and bring products to market faster. www.fictiv.com
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