One of the top Seed Accelerators in the CEE (Central and Eastern Europe), StartupYard, recently invested in Israeli startup Printsyst, which is working hard to make 3D printing more accessible to all.
“Thanks to Printsyst, I have discovered that the 3D printing process was very far from being user friendly,” said StartupYard CEO Cedric Maloux. “I’m very excited by the solution Printsyst is bringing to the market. If 3D printing wants to reach mass adoption, the AI-based solution from Printsyst is the way forward and this is why we have decided to invest.”
StartupYard, which works to help startups grow and earn other investments, was founded in 2011, making it the oldest private accelerator in the CEE region. The company’s goal is to connect startups with helpful mentors and partners that can help launch them in the global market.
Over the last seven years, the company has invested in, and helped accelerate, a total of ten cohorts of 72 startups. 28 of its alumni have raised a total of €17 million in further investments, and six companies have been acquired. StartupYard itself is backed by Credo Ventures, Rockaway Capital, and several angel investors, which include Michal Illich, Michal Kratochvil, Josef Matejka, and Philip Staehelin.
Printsyst, an AI-powered expert system, targets companies that use 3D printing in their business, but don’t have the necessary internal expertise to operate the equipment. The Printsyst system differs from other standard solutions because it does not require any 3D printing expertise upfront, and instead offers a totally automated 3D printing workflow. This allows users to focus on aspects of design, rather than production.
“The Czech Republic is leading in manufacturing capabilities and has already proved itself as an early adopter of 3D printing. It is in the perfect region to penetrate and disrupt the European market,” said Itamar Yona, the CEO and Co-Founder of Printsyst. “We are thrilled to collaborate with the StartupYard team and its mentors. It’s an important milestone for us. The program will promote our business development in Europe much faster. Thanks to the StartupYard network we have made strong progress in our European penetration plan.”
Printsyst has a patented algorithm, which can improve a company’s rate of success with 3D printing by a significant amount, as it facilitates the identification of parts functionality. The company facilitates seamless 3D printing for clients in three steps: reducing the print preparation workflow, improving the 3D printing success rate, and increasing the utilization of 3D printers.
The company has already worked with other commercial 3D printing service providers in Asia, Australia, Europe, and the US, as well as academic institutions interested in 3D printing. Earlier this winter, Printsyst signed a partnership agreement with the non-profit Youngstown State University Research Foundation (YSURF), after the two had previously discussed potential 3D printing-related business and research ventures.
StartupYard identified Printsyst during a selection process, and accepted it for investment from over 175 total candidates around the world. The startup will soon be joining the accelerator program batch 10 in Prague.
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