From art project to industrial production
MX3D once started as an experiment within the Joris Laarman Lab. The ambition? To see what the built world looks like if you think 50 years ahead, and you unleash robots and welding machines on it. “We found that with this technique you need up to 90% less material,” says Gijs. “That's huge, especially with expensive and high-impact metals like stainless steel.” What started as an artistic project - including the now-famous 3D-printed bridge in Amsterdam - grew into a serious industrial proposition. MX3D developed its own software and hardware that allows robots to print complex metal parts. That technology is now used in sectors such as oil & gas, nuclear and defence. Customers are not the least, including BMW, the US Army and Framatome, subsidiary of French energy giant EDF.
The role of PDENH
Already since 2019, PDENH has been on board as an investor. Investment manager Joost de Waard was involved with MX3D from 2020. “We saw a strong team, a scalable technology with global potential, and above all a huge impact on sustainability,” he says. “Because this technology can reduce material waste by 80%, significantly reducing carbon emissions.” PDENH invested a total of four times, in different phases. From pre-seed to the recent Series A round of €7 million, in which private parties such as EDF Pulse Ventures and ING Sustainable Investments also participated. “Public money built the bridge where private money can now take over,” says Joost.
Why now is the time to scale up further?
Gijs: “The market is now ready for it. Until recently, our technology was mainly of interest to R&D departments. But now there are also industry standards - such as DNV-ST-B203 and API20S - so procurement managers at large companies also know how to find us. That speeds up the whole thing considerably.” With the new funding, MX3D is building an additional production hall in Amsterdam, where parts weighing up to 20,000 kilos can be printed. The number of in-house production systems goes from nine to 15, and the company is expanding its international sales network with partners such as Phillips Corporation in the US.
From SME to industrial leader
Yet it was not a foregone conclusion that MX3D would grow into a global player. “If MX3D had not had public money in 2019, they would probably have remained an innovative SME,” says Joost. “Then they would probably have been able to create artworks and design pieces, but they would probably have been overtaken by competitors who did raise big bucks.” And that competition is there. “Some parties are listed on the stock exchange, others have raised tens of millions in capital,” says Gijs. “The fact that MX3D is still ahead now is proof that strategic public investment can really make a difference.”
The human factor
Besides capital, PDENH also brought peace of mind and guidance. “I have no financial background,” Gijs explains. “Joost helped me make the investment story understandable for other investors. Moreover, it is very nice to work with a Dutch team, where you can switch quickly and don't have to explain everything.” Joost adds: “MX3D is a textbook example of how transparency and trust can lead to a sustainable cooperation. No surprises, good communication, even when things are down for a while.”
From impact to return
The move to private investors also marks a new phase for the company. “Public investors like PDENH or DOEN aim to make positive impact. That means they also have a bit more patience,” says Gijs. “Private investors look more tightly at returns. That feels more businesslike and belongs to this phase.” For PDENH, it is precisely valuable that private parties are stepping in now. “That is exactly what we want to achieve as a public fund,” says Joost. “We take risk at an early stage, and if the company succeeds, market players take over. That way, you can continue to use public money where it is needed most.”
What other entrepreneurs can learn from this
For other entrepreneurs who have doubts about public money, Gijs has a clear message: “Realise that with venture capital you are always opting for growth, not stability. But if you do have that growth ambition, a public fund is an excellent partner in the beginning.” Joost: “We invest not only in technology, but mainly in people. And we believe in companies that want to make impact and have ambition. MX3D proves that with the right team, a strong vision and public money, you can become a world player.”
The future is printed
In the coming months, MX3D will work on expanding the team, further professionalising and scaling up sales and marketing. Gijs: “We will now focus on expansion in the US, anchoring in the nuclear sector and possibly entering new vertical markets. We have all the pieces of the puzzle on the table. Now we need to put them in place.”
