LUXeXceL Completes A-Round Venture Funding and Commitments
LUXeXceL Group, the inventor of the proprietary Printoptical Technology, announced today the completion of the A-round by a Dutch Venture Capital company Chrysalix SET and the US based Turnstone Capital Management. The proceeds of this funding will be used to finance the Company’s growth, expand its R&D and sales operations and enhance its leadership position in the new digital way to design, prototype and manufacture optics On Demand.
LUXeXceL manufactures Optical Solutions using their patented “Printoptical” 3D printing process which does not require the use of molds, special tooling, nor post processing. This novel one step “CAD-to-Optic” process offers optics design professionals greater design freedom and rapid prototyping and offers manufacturers of luminaries significant cost reductions and time savings. LUXeXceL’s process allows for printing optically smooth structures and surfaces, which do not require any post-processing.
Their innovative and unique digital manufacturing technology attracted quite some attention over last year. For example LUXeXceL received a Frost & Sullivan Award, became the Dutch FD Gazellen Winner best Start-UP of 2012, received recognition by the Wohler Report 2012 and 2013 as new Emerging Technology for the 3D Printing Industry and recently won the Rapid Pro award of the Additive Manufacturing Event in the Netherlands.
"We are delighted to be able to announce this completion," said Richard van de Vrie, Founder and Chairman of LUXeXceL. "Attracting a lot of attention is great but with this funding our Company can accelerate the development of our manufacturing process, printing capabilities and business development. It is important for our company’s’ growth objectives to have the additional expertise and experience on board of the Dutch Venture Capital company Chrysalix SET and the US-based team of Turnstone Capital, helping us to open new doors on both continents.”
As the industry moves to digital new design options, more products concepts, enhanced configuration software, additional customizing sales activities and services come alive. There is not much difference anymore between manufacturing 1 prototype, 100 samples or 10.000 pieces of an end-product. In addition the capital intensive pre-investments in inventory and warehousing are heavily reduced through the On Demand availability. Next to that the profit impact of writing off obsolete tools and inventories will be reduced significantly.
"The 21st Century is the Age of Digitization. We have seen in e.g. the music industry, digital cameras, TV’s and other consumer electronics, that a new digital technology changes the way of working. It is not the big eat the small anymore but the fast eat the slow” according to Wouter Jonk, Managing Partner of Chrysalix SET. “LUXeXceL is a Company with unique patented additive manufacturing technologies. The Printing of Optics means that the energy saving LED Industry can design and develop new products faster and cheaper.”
Also Marc La Magna, Managing Partner of Turnstone Capital Management LLC is extremely pleased with the completion of this investment. “We believe that LUXeXceL will change the way optics are designed, produced, and digitally stored across many different market segments. Although the company is focused on the LED Lighting market, as the capabilities rapidly improve we expect LUXeXceL to address similar opportunities in other optical markets. We are proud to be the first investment firm that recognized the disruptive potential of LUXeXceL’s PrintOptical process and we are excited to help the company accelerate its corporate development.
About Chrysalix SET:
Chrysalix SET (www.chrysalixset.com) is the Amsterdam-based management company of SET Fund I and SET Fund II. These independent Venture Capital funds focus on and invest in European-based early growth stage technology companies that offer a unique solution impacting the energy sector going forward. These target companies offer a technology, product or service, and/or enjoy a competitive market position with a high upside potential, while impacting the way energy is generated, distributed (including stored) or used (efficiency) . Chrysalix SET’s current investments include, among others, AlertMe Ltd, General Fusion Ltd, MicroShade A/S, NGenTec Ltd, EnOcean GmbH and Sefaira Ltd.
About Turnstone Capital Management LLC:
Turnstone Capital Management LLC is an investment management firm founded in 2004, based in Westport, CT. Turnstone's partners and advisors have deep experience in venture capital and private equity finance, technology, and international operations which enables the firm to uncover proprietary investment opportunities in private, emerging growth companies. Turnstone partners with capable and committed management teams, to provide the financial, relationship, and strategic resources to help management achieve their goals. Turnstone’s investment focus is on industries where disruptive technology and business innovation are the driving catalysts for growth, particularly in clean energy, energy efficiency, industrial technology, and communications infrastructure.
About LUXeXceL:
Group BV LUXeXceL Group BV (www.luxexcel.com) is the exclusive provider of optics rapid prototyping and manufacturing services using its patented Printoptical Technology. LUXeXceL is headquartered in Goes, Netherlands.
