ALLOY ENTERPRISES SECURES $3M IN SAFE FUNDING LED BY LOCKHEED MARTIN

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Aug 31, 2022, 14:14 ET

SOMERVILLE, Mass., Aug. 31, 2022 /PRNewswire/ -- Alloy Enterprises, the world's first Digital Aluminum Fab, announces the completion of a $3M SAFE financing round. This latest funding brings the total raised to over $10M for the two year old company.

The SAFE round was led by Lockheed Martin Ventures (LMV), who was joined by existing investors, including Congruent Ventures. Lockheed Martin Corporation (NYSE: LMT) is a global company that solves complex challenges, advances scientific discovery and delivers innovative solutions to help keep people safe.

With Alloy's novel technology, components are produced with high-strength aluminum alloys, such as 6061, with superior mechanical properties to traditionally cast parts in a fraction of the time. As manufacturers continue the decades-long struggle with a volatile supply chain and unpredictable lead times, Alloy provides a reliable solution enabling true aluminum production at scale, simultaneously allowing for development quantities.

"We are excited to join the impressive portfolio under Lockheed Martin Ventures. Their support for our mission and technology validates that we are addressing customer needs. This funding allowed the acceleration of Alloy's commercialization as the supply chain continues to hinder manufacturers' innovation ability," says CEO, Alison Forsyth. "As Lockheed Martin endeavors to create an even more resilient, agile, efficient and cost effective supply chain, we see the unique additive metal process Alloy is developing as an enabling technology," says Chris Moran, vice president and general manager, Lockheed Martin Ventures. "We have several use-cases for Alloy's capability and we want to see this technology succeed."

About Alloy Enterprises

Alloy Enterprises was founded in early 2020 by three startup veterans who recognized a supply chain problem and saw an opportunity that matched their unparalleled expertise. Within a year of invention, the company was making parts using their novel additive manufacturing system that provides high throughput of fully-dense aluminum parts, enabling manufacturers to scale from prototyping to production. To learn more about Alloy Enterprises, visit https://www.alloyenterprises.co/

About Lockheed Martin Ventures

Lockheed Martin Ventures makes strategic investments in companies that are developing cutting edge technologies in core businesses and new markets important to Lockheed Martin.

More than a source of capital, Lockheed Martin Ventures provides portfolio companies with access to our world-class engineering talent, state-of-the-art technologies, and research and access to the company's international business relationships and supply chain. For more information visit: www.lockheedmartinventures.com

SOURCE Alloy Enterprises