After Bedrock 3D split from BASF, the company was independent but still a little unsure about its future. The former Innofil3D operation, later dubbed Forward AM Technologies Netherlands, was BASF’s main development and production site for 3D printing filament. The company was an early innovator in filament, producing many different grades and colors in Emmen, the Netherlands, at a cavernous former DSM site that looked like something from a post-apocalyptic video game. The company quickly became a leader in filament, piggybacking off of success with Ultimaker, other OEMs, and direct sales to 3D printing retailers. Hoovered up into the mass that was BASF, the firm was less prominent but still grew. Then, when a management buyout separated Forward AM from BASF, Stratasys took over a lot of the materials business. The Dutch filament unit, however, was spun out in yet another management buyout by the local management. Now they have been strengthened by an outside investor from the Netherlands. This puts them on a much surer footing.
The company says that the investor is focused on the long term and that they want to go on “Developing materials that are reliable and of prime quality – filaments that simply work in practice. We remain true to who we are, and that’s working well.” That down-to-earth approach and focus on quality have been a part of the firm’s DNA from the beginning, surviving all the corporate hijinks.
The long-term investor is 819 Capital Partners; this is a seed, PE, and hold fund focusing on technology companies. The company is already an investor in the DLP firm AMSystems. They offer a higher-productivity multi-laser vat polymerization unit. Led by early internet consultant and long-term VC Wim Smit, 819 Capital has around $100 million in assets across its funds at the moment and manages Thematic Technology Transfer (TTT) funds. The Dutch TTT program brings investment funds together with research institutes such as TNO and universities to help commercialize their inventions. The program is subsidized by government support and is one of those things that will either make more technology get to market or be inefficient; time will tell. In this case, Bedrock 3D will become part of 819’s Private Equity Fund I.
819 also owns Insolution, a 3D printed podiatry- and orthoses-focused company. They offer 3D scanning, footbed scanners, software, 3D printers, and materials to give the industry a complete orthotic printing solution. That seems like a very good idea indeed and could really turn into a cash-generating engine if the firm executes well. 3D printed orthoses are cost-competitive with, or cheaper than, those made by other means and can perform better. But other firms, like Orthotics and Prosthetics giant Ekwal and its unit Qwadra, own their own printer and bought Podoprinter last year. Foaming TPU, the material developed by Bedrock 3D for this application, was pioneered by another Dutch company, ColorFabb, which has been supplying it to the market for several years now. So there are more companies out there with the same idea. Bedrock 3D developed the material for Insolution, so the fund is in effect doubling down with both firms in the same fund. I personally find 819 a bit confusing; it does an awful lot very quickly across very different areas. The company has 51 investments across various areas and deployment and return strategies, and it was founded in 2023.
Insolution Board Member Rob Hendriks said,
“Working with 819 Capital Partners gave us the long-term security we were looking for. With their commitment and our expertise, we were able to bring our unique 3D printing solution to the market.”
Bedrock 3D Managing Director Jeroen Wiggers said that,
“Rob’s point resonates strongly with us. This long-term vision fits us very well too. We will continue to serve our existing markets and by joining forces in 3D printing technology for specific applications, can open new markets with our products.”
The company is enthused that it can now make the entire solution itself, and they hope to do more application-focused work together and that they like their “long-term vision.” Their evergreen structure, an investment model with no fixed exit horizon, means there’s no pressure for Bedrock 3D to make quick changes or force a future sale, but it offers room to stabilize first, then grow and improve in a controlled way. That’s exactly how they want to continue developing Bedrock 3D.
Bedrock 3D thinks that this means more “continuity and reliability,” as well as “consistent product quality, a return to stable short lead times, clear communication, and a partnership focused on the long term.” Some small phrases there tell me that the last few months perhaps have not been too easy for the company. But hopefully the coming years will be. I think that focusing on developing materials, software, and applications in concert is a very smart move. Then you can make tailor-made, easy-to-implement, good-value-proposition applications where it makes sense. And you could capture significant revenue through software subscriptions and material revenue from a happily captive client. This seems much more lucrative than a materials business. If the company manages to launch several successful applications, then its future could be assured.
Images courtesy of Bedrock 3D