Fictiv announced from the Intel Capital Global Summit that it closed a $15 million Series B led by Sinovation Ventures with participation from Accel, Intel Capital, Bill Gates, FJ Labs, Tandon Group and the Stanford-StartX Fund. The company also demonstrated new workflow optimisation tools and opened offices in Guangzhou, China.
The company claims its platform is used by Silicon Valley innovators in electric and autonomous automobiles, medical robotics and consumer electronics. Fictiv CEO Dave Evans underscored the unreasonably high barriers that designers and engineers have historically faced when bringing a product to market.
The San Francisco, CA-based startup says it is "democratising" access to manufacturing, transforming how hardware teams design, develop and deliver physical products. “Fictiv is creating a new world order in which software is democratising access to fast, high quality manufacturing,” said Evans. “We are thrilled to have these global investors on board, helping us reimagine manufacturing as more efficient and effective for both engineers and manufacturers.”
The new round brings Fictiv’s total venture funding raised to $25 million. The additional infusion of capital will be used to grow Fictiv’s global network of manufacturers and to introduce new digital tools geared towards automating and optimising workflows for hardware teams and manufacturers.
According to Fictiv, users of the platform will benefit from intelligent algorithms that power automated quoting and manufacturability feedback; a smart matching system to instantly assess capacity and capabilities; a network of over 200 worldwide manufacturers and a centralised online system but most importantly, users will be having a private workspace where hardware teams will be able collaborate on projects.
Fictiv’s dual marketplace approach can help manufacturers maximise even small windows of capacity through the platform’s intelligent routing system, unlocking more consistent work.