A fund series of $48million was led by UPS for 3D printing startup Fast Radius. UPS and Fast Radius are working together since early 2016.
According to Scott Price, the chief strategy and transformation officer at UPS, “additive manufacturing is increasingly becoming the logical direction for future supply chain strategies, blurring the lines between physical and virtual warehousing for products in many industries.” Adding to this Scott said, “Fast Radius’ technology platform and additive manufacturing design processes are bringing the virtual warehouse vision to life for their customers, complementing UPS’ global time-definite logistics expertise.”
The funding will be used to expand the global footprint of Fast Radius and enhance its development .in terms of software, application engineering and sales teams.
3D printing promises faster design and speed to market with the ability to easily make changes to the manufacturing process. And localized production can simplify supply chains and lead to less reliance on suppliers.
In a statement, Stan Deans, the president of UPS Global Distribution and Logistics said, “by building this disruptive technology into our supply chain models, we also bring new value to our manufacturing customers of all sizes.” “Additive manufacturing technology is still developing rapidly so ‘manufacturing as a service’ is a smart approach for many companies,” said Stan Deans.