Fortissimo Capital is a leading private equity fund in Israel investing primarily in maturing technology and industrial companies. Since our formation in 2004, we have raised $2.7 billion across six funds and have invested in over 60 companies. Current investors include several large international financial institutions, including banks, insurance companies and pension funds. Our unique, proactive approach to private equity investments empowers us to think out of the box to achieve the seemingly impossible, and build long-term, sustainable growth.

Fortissimo Capital

Tritone Technologies

Tritone® technologies transforms metal Additive Manufacturing to address the demanding standards and needs of industrial production. The company’s innovative technology enables industrial throughput of accurate parts with a range of metal and ceramic materials, suitable for the automotive, Aerospace, Medical and Consumer Electronics industries. Founded in 2017, Tritone® is led by an experienced team of experts with a track record in driving technology and business growth. Backed by private equity firm Fortissimo, Tritone® is a global company and is based in Israel.

Tritone Technologies is an Israeli additive manufacturing (AM) company that offers industrial metal and ceramic AM solutions, targeting industries like automotive, aerospace, medical, and consumer electronics. The company offers two printers named Dominant and Dim, along with systems software and proprietary materials.

Additive manufacturing makes objects by systematically adding material via a CAD program

Additive Manufacturing

Tritone Technologies is an Israeli additive manufacturing (AM) company that offers industrial metal and ceramic AM solutions, targeting industries like automotive, aerospace, medical, and consumer electronics. The company offers two printers named Dominant and Dim, along with systems software and proprietary materials.Tritone's proprietary MoldJet process involves a horizontally rotating carousel that enables parallel workflow and multi-processing of parts. High-resolution print heads jet a thin layer of soluble mold, followed by the extrusion of a metal-filled paste. Then the resulting parts are debound and sintered to create a functional part. MoldJet technology offers several advantages, including a powder-free process that enhances safety and the ability to produce a large quantity of high-density parts with complex geometries.Tritone has established a US-based subsidiary, Tritone Technologies North America, with offices in Boston and Miami. The company has a presence in Europe, Japan, and North America.Key customers and partnershipsTritone Technologies’ prominent customers include Alpha Precision Group (APG), AMT, and Impact Labs.In May 2023, Tritone Technologies appointed INOVSYS as a distributor of its Dim systems in France and entered into partnerships with Technical Training Aids (TTA) and Prototyping Solutions (PS) to expand its presence in the US. In October 2023, it partnered with <a href="https://sp-edge.com/updates/23188">ACS Hybrid </a>to expand its presence in the American Pacific Northwest and with NCMT Ltd. to expand operations to the UK and Ireland (January 2024).In March 2024, the company announced a strategic sales partnership with Adia, a provider of 3D printing solutions, to expand Tritone’s presence, technical support, and integration expertise in the US.In August 2024, Tritone Technologies formed an agreement with<a href="https://sp-edge.com/updates/32337"> TPC Mechatronics,</a> a provider of equipment automation systems, to distribute its products in the Republic of Korea.&nbsp;

<div>
 
 Desktop Metal provides a range of additive manufacturing (AM) solutions including the sale of 3D printers with related software and materials as well as other related services targeting applications including rapid prototyping, pilot runs, mass production of tools, end-use parts, and aftermarket parts. The company mainly serves industries such as automotive, consumer goods, heavy industry, education, machine design, healthcare, and manufacturing tooling.&nbsp;
 
 
 Desktop Metal&rsquo;s products include 1) Production System, a metal 3D printer for mass production; 2) X-Series, a binder jet 3D printer with patented Triple ACT (advanced compaction technology) and specialty materials including metals and ceramic; and 3) Shop System, a metal binder jetting system targeting metal 3D printing at machine shops, which also includes 
 <a href="https://sp-edge.com/updates/12724">
 Shop System+, and Shop System Pro packages
 </a>
 introduced in August 2022 and 
 <a href="https://sp-edge.com/updates/14160?industryIds=71">
 Shop System Forust Edition,
 </a>
 a high-speed 3D printer for upcycled wood parts; 4) Studio System 2, an office-friendly metal 3D printer; 5) Fiber; a composite 3D printer using thermoplastic material such as nylon and 6) 
 <a href="https://sp-edge.com/updates/12867?industryIds=71">
 Figur G15,
 </a>
 a printer platform based on patent-pending Digital Sheet Forming (DSF) technology that fabricates sheet metal into parts with a high level of surface finish with little to no post-printing.
 
 
 Desktop Metal also offers 
 <a href="https://sp-edge.com/updates/12723">
 Live Sinter software
 </a>
 &mdash;a sinter simulation software that allows the design of sinter-ready, printable parts.. In March 2023, it launched 
 <a href="https://sp-edge.com/updates/16892?industryIds=71">
 Live Suite,
 </a>
 a premium software package to offer advanced design capabilities for metal, polymer, and ceramic parts. In September 2023, it launched 
 <a href="https://sp-edge.com/updates/22343">
 Live Monitor,
 </a>
 an Industry 4.0 solution for users to monitor and use real-time data to improve efficiency.&nbsp;
 
 
 Desktop Metal has grown through the acquisition of several companies including binder jetting technology company ExOne (November 2021), AM company AIDRO hydraulics &amp; 3D printing (September 2021), powder-based material AM company Aerosint (July 2021), provider of printed elastomers for AM Adaptive3D (May 2021), and polymer AM company EnvisionTEC (January 2021) to expand its material and printer offerings.
 
 
 In October 2023, the company sold Belgian additive manufacturing solutions provider 
 <a href="https://sp-edge.com/updates/23189">
 Aerosint SA
 </a>
 to motion technology company Schaeffler. Desktop Metal maintained its collaboration with Schaeffler in advancing binder jet 3D printing technology, while retaining the option for future commercial utilization.
 
 
 Key customers and partnerships
 
 
 Desktop Metal operates through an internal sales team and a network of 200+ distribution partners (value-added resellers) in over 65 countries. Its customers include small and medium enterprises as well as Fortune 500 companies. The company received a major 
 <a href="https://sp-edge.com/updates/14615?industryIds=71">
 contract
 </a>
 from the US Department of Veterans Affairs in November 2022. In October 2022, Desktop metal partnered with 
 <a href="https://sp-edge.com/updates/13694?industryIds=71">
 Siemens
 </a>
 to accelerate the adoption of additive manufacturing at scale specifically targeting large-scale manufacturers. The company also entered into materials-related partnerships with Carbon in July 2023 to make Flexcera resins available to users of Carbon's 3D printers as well as with Henkel in August 2022 to validate Henkel's materials for DM printers. In March 2024, Desktop Metal expanded its partnership with Evonik, a chemical manufacturer, to integrate the latter&rsquo;s INFINAM solution into its portfolio of polymers.
 
 
 Funding and financials
 
 
 Desktop Metal went public (NYSE: DM) in August 2020 through a SPAC deal, raising USD 575 million and valuing the company at USD 2.5 billion. This brought its total funding to USD 711.8 million. In FY2022, Desktop Metal increased its revenue by 86.0% YoY, reaching 
 <a href="https://sp-edge.com/updates/16764">
 USD 209.0 million.
 </a>
 Revenue growth was driven by the company&rsquo;s differentiated portfolio of AM 2.0 mass production solutions and strong execution of operations. However, Desktop Metal reported an adjusted net loss of USD 130.7 million in FY2022. Desktop Metal was expected to achieve a revenue of USD 187 million&ndash;207 million in FY2023 implying a YoY growth of 0.5%&ndash;24.4%. The expected negative EBITDA for 2023 was USD 50 million&ndash;70 million.
 
 
 In November 2023, Desktop Metal received notification from the New York Stock Exchange (NYSE) indicating 
 <a href="https://sp-edge.com/updates/24528">
 non-compliance with the exchange's listing 
 </a>
 standards. The company was given a six-month window from the notice date to meet the minimum stock price requirement. In January 2024, the
 <a href="https://sp-edge.com/updates/26716">
 company filed a prospectus
 </a>
 for a mixed securities shelf offering of USD 250 million with the Securities and Exchange Commission (SEC).
 
</div>

Desktop Metal

<div>
 
 Carbon sells 3D printers along with related software and material for additive manufacturing to allow mass customization and on-demand inventory management. With a range of patented engineering and dental resins, Carbon targets automotive, consumer goods, dental (healthcare), and other industrial use cases. Carbon&rsquo;s product portfolio includes several types of 3D printers named M1, M2, and M3 (an advanced end-to-end idea-to-production platform introduced in January 2022) as well as L1 and a parts washer. Carbon&rsquo;s materials portfolio includes rigid, elastomeric, and dental materials. Carbon&rsquo;s design software platform was launched targeting product designers globally in 2022. It offers regular software updates to its printers to continuously improve the processes and the outcome. With the acquisition of design software company 
 <a href="https://sp-edge.com/updates/12722">
 ParaMatters
 </a>
 in August 2022, Carbon expanded its software capabilities to include topology optimization capabilities, allowing users to speed up the design iteration process and create complex, high-performance part designs.
 
 
 The company also offers print analytics solutions, allowing real-time review of production data and part traceability from design to print stage. Adding to its proprietary pool of materials, in February 2022, Carbon introduced a flame retardant photopolymer resin that ensures durability and the long-term stability of printed parts.
 
 
 Carbon uses patented Digital Light Synthesis (DLS) technology that uses digital light projection and engineering-grade materials to develop parts with mechanical properties and a surface finish. DLS is driven by Carbon&rsquo;s Continuous Liquid Interface Production (CLIP) technology, which uses ultraviolet (UV) light to cure liquid plastic resin into solid parts. Unlike traditional resin-based 3D printing (which reportedly makes weak parts), Carbon&rsquo;s printed parts are baked in an oven, exposing the parts to a second heat-activated programmable procedure for improved strength.&nbsp;
 
 
 Key customers and partnerships
 
 
 Carbon had a presence in 17 countries as of January 2024, with plans to expand to other international markets in the future. The company also operates through a network of design firms and contract manufacturers that specialize in Carbon&rsquo;s technologies. Carbon connects customers with these partners if they have a prototype that needs to be made.
 
 
 Carbon has entered several partnerships with other AM companies including Desktop Metal to bring its Flexcera resins to the Carbon Digital Manufacturing Platform (July 2023), Henkel to combine materials and printing expertise (October 2020), and Shapeways to offer access to Carbon&rsquo;s 3D printing technology and materials (March 2019).
 
 
 Funding and financials
 
 
 In June 2019, Carbon raised USD 260 million co-led by Madrone Capital Partners and Baillie Gifford, bringing the company&rsquo;s total funding to USD 683.4 million. Carbon planned to use this capital to expand R&amp;D, establish its first advanced development facility (ADF), and support international growth in Europe and Asia. 
 
 
 
</div>

Carbon

Markforged is a seller of 3D printers with material and software solutions for tooling, fixtures, functional prototyping, and high-value end-use production. It targets various industries including aerospace, automotive, consumer packaged goods, electronics manufacturing, medical, and industrial equipment. The company launched an <a href="https://sp-edge.com/updates/22057">on-demand parts platform </a>called Digital Source in September 2023, which facilitates the licensing and 3D printing of manufacturer-certified parts, eliminating the need for physical inventory management for manufacturers.Markforged’s line of 3D printers includes a metal printer, a series of industrial composite printers, and a series of desktop composite printers, using metal (a range of metals from stainless steel to copper), plastics, and continuous fiber. The company also offers several software solutions including Eiger, a cloud-based digital repository, and Blacksmith, which connects part design, production, and inspection using AI. It also offers software to scale up AM operations by giving role-based access control to team members. In November 2022, Markforged introduced <a href="https://sp-edge.com/updates/14613">new simulation features </a>for its software, the Digital Forge, enabling customers to replace tooling and end-use metal parts with optimized 3D-printed advanced composite parts.&nbsp;In August 2024, the company <a href="https://sp-edge.com/updates/32997">launched the FX10 Metal Kit, </a>an upgrade for its FX10 industrial 3D printer, which enables it to print both metal filaments and composites with continuous fiber reinforcement.Markforged uses several patented technologies. For example, for thermoplastic printing, the company uses a combination of fused filament fabrication (FFF) printing and continuous fiber fabrication (CFF) technologies that harness the heat of the nozzle to make a thermoplastic layer; for metal printing, it uses atomic diffusion additive manufacturing (ADAM), which is a specialized form of FFF.In April 2022, Markforged acquired engineering software developer Teton Simulation to expand its AM solutions by integrating technologies. In August 2022, it also <a href="https://sp-edge.com/updates/12725">acquired Digital Metal, </a>a Swedish developer of binder jetting technology, to enable Markforged to produce high-throughput metal additive parts.Key customers and partnershipsMarkforged claims to own the largest fleet of cloud-based industrial 3D printers (with a 13,000+ connected installed base and 10 million+ parts printed, as of January 2024). Markforged has served the top nine global manufacturing companies and top 10 aerospace companies, including notable clients (disclosed) including RPG industries, Caldwell, and Cashco, Inc. Another notable customer is Phillips Corporation, which became the first customer of Markforged’s FX20 industrial composite printer, introduced in November 2021. Markforged also entered into technology partnerships with Siemens and Indian tech company TechNova. It has remote teams in over 70 countries and 100+ channel partners across the US, Canada, Europe, UK, Asia, and Australia.Funding and financialsMarkforged was listed on the NYSE (MKFG) in July 2021 through a SPAC deal, receiving approximately USD 361 million in gross proceeds. The company had planned to use the new funding to accelerate innovation and expand its customer base.In 2022, Markforged achieved a revenue of USD <a href="https://sp-edge.com/updates/16891?industryIds=71">101.0 million, </a>recording a growth of 10.7% YoY. Revenue growth was driven by strong demand for the FX20 printer which was commercialized in 2022. However, it reported an operating loss of USD 87.1 million in 2022 compared to a loss of USD 61.0 million in 2021 on the back of increased spending on research and marketing activities. Markforged guided revenue in 2023 to reach USD 90 million–95 million. The company also expects to achieve an operating loss of USD 59 million–61 million translating to a loss per share of USD 0.26–0.28 in 2023.In November 2023, Markforged announced that it has undergone a <a href="https://sp-edge.com/updates/23946">restructuring </a>process, along with other cost-cutting measures, citing ongoing economic challenges, projected to result in operating cost savings ranging from USD 9 million to USD 12 million in 2024. The majority of these savings were attributed to a reduction in headcount by around 10%.

Markforged

<div>
 
 3D Systems sells 3D printers with related materials and software for concept modeling, prototyping, rapid tooling, and digital manufacturing. The company targets aerospace and defense, automotive, jewelry, semiconductor, and turbomachinery industries as well as dental and medical devices in healthcare.&nbsp;
 
 
 3D Systems&rsquo; range of 3D printers is supported by several software solutions for reverse engineering, fast designing, workflow integration, inspection, fleet monitoring, and remote diagnostic applications.&nbsp;
 
 
 The company has obtained over 1,000 patents and uses printing technologies for plastic and metal including stereolithography (SLA), selective laser sintering (SLS), multi-jet printing (MJP), color-jet printing (CJP), and direct metal printing (DMP), using materials like plastic, elastomer, wax, metal, and biocompatible materials. In September 2022, 3D Systems introduced 
 <a href="https://sp-edge.com/updates/12834">
 CuNi30
 </a>
 &ndash;a new corrosion-resistant, copper-nickel alloy targeting marine, offshore oil and gas, and chemical and nuclear industries. In November 2023, the company received approval from the Food and Drug Administration (FDA) for its material 
 <a href="https://sp-edge.com/updates/24163">
 NextDent Base
 </a>
 used in dental applications.&nbsp;
 
 
 3D Systems has made several acquisitions including Swedish 3D printing company 
 <a href="https://sp-edge.com/updates/18122">
 Wematter
 </a>
 (May 2023), German AM solutions provider for healthcare Kumovis (February 2022), polymer-based 3D printer developer Titan Additive (February 2022), and digital manufacturing solutions provider Oqton (September 2021) to expand operations.&nbsp;
 
 
 Key customers and partnerships
 
 
 3D Systems sold printers through a partner network and solution sales specialists spanning 68 countries, as of January 2024. In November 2022, the company partnered with AM materials developer 
 <a href="https://sp-edge.com/updates/14512">
 Advanced Laser Materials (ALM) 
 </a>
 to accelerate the use of its DuraForm PAx material enabling ALM&rsquo;s customers to use a unique copolymer compatible with available selective laser sintering (SLS) technologies.
 
 
 Funding and financials
 
 
 3D Systems was listed on the NYSE (DDD) in 2014 and raised USD 264.2 million in funding so far. The company recorded 
 <a href="https://sp-edge.com/updates/16722?industryIds=71">
 revenues of USD 538 million in 2022
 </a>
 which declined 1.1% YoY due to the weakened dental orthodontics market. The company recorded an operating loss of USD 26.9 in 2022 compared to a profit of USD 33.5 in 2021. The loss was attributable to several reasons, including the inflationary impacts on input costs and continued investments in growth areas. 3D Systems guided for revenue in 2023 to reach USD 545&ndash;575 million, implying growth of 1.3%&ndash;6.9% YoY.&nbsp;
 
 
 In February 2023, the company announced several 
 <a href="https://sp-edge.com/updates/16721">
 restructuring initiatives
 </a>
 , which were 
 <a href="https://sp-edge.com/updates/18319">
 revised
 </a>
 in May 2023, to reduce the company&rsquo;s operating expenses by USD 4&ndash;6 million in 2023 and achieve savings of USD 9&ndash;11 million in 2024 and beyond.&nbsp;
 
 
 In November 3D Systems announced that it is 
 <a href="https://sp-edge.com/updates/24750">
 repurchasing
 </a>
 around USD 135 million of its 0% Convertible Senior Notes due 2026 at a 26% discount to par value. This debt reduction, paid in cash from the company's balance sheet was highlighted as strategic liability management, reducing debt by nearly 30%, bolstering the balance sheet, and affirming its cash reserves.
 
</div>

3D Systems

Formlabs sells 3D printers with related material and software as well as post-processing solutions for rapid prototyping, rapid tooling, manufacturing aids, models and props, and end-use parts production. The company targets engineering and product design, manufacturing, research and education (for on-demand experimentation), model making and entertainment, jewelry, dental, and medical applications.Formlabs’ 3D printers include a range of off-the-shelf desktop printers and industrial printers (Form 3 range and Fuse range). The company also provides tailored AM solutions depending on the factory setting for scaled operations. Its software PreForm functions through automatic algorithms that allow any employee to print without being specially trained and includes a dashboard to manage printers, material movement, and teams in one place. The company’s post-processing solutions automate the rinsing and post-curing processes, which are capable of handling large parts and high-volume production. In January 2023, Formlabs launched the <a href="https://sp-edge.com/updates/15507?industryIds=71">“Automation Ecosystem”</a> comprising three new products, 1) Form Auto, 2) High Volume Resin hardware packages, and 3) fleet control software. In September 2023, Formlabs launched an <a href="https://sp-edge.com/updates/21893">open material platform</a> allowing access to third-party materials, customizable print settings, and open material printing.Formlabs uses technologies like low-force stereolithography (LFS) and selective laser sintering (SLS), which leverage various types of resins and nylon powder. In January 2024, the company <a href="https://sp-edge.com/updates/25337">launched a new Resin Pumping System and two new materials</a>, Polypropylene Powder and Premium Teeth Resin to enhance the efficiency, versatility, and scalability of its 3D printing solutions.In February 2024,<a href="https://sp-edge.com/updates/26962"> the company released the beta version of “Formlabs Texture Engine,"</a> a tool that enables users to apply textures and patterns to 3D models in preparation for printing. Users can import their CAD models into the engine, apply a displacement map to the model to define and apply the required texture, and import the model back into the CAD tool for a final review or immediate 3D printing.In April 2024, the company<a href="https://sp-edge.com/updates/28615"> released a new 3D printer named Form 4</a> to handle rapid and large-scale 3D printing projects. The system leverages low force display (LFD) technology to cure the parts at higher speeds (up to 100 mm per hour). Additionally, the company also launched the biocompatible version of Form 4, Form 4B, that leverages stereolithography (SLA) 3D printing technology.In July 2024, <a href="https://sp-edge.com/updates/31457">Formlabs acquired Micronics</a>, a 3D printer startup, for an undisclosed amount to integrate the latter’s team into its own to leverage its expertise in developing SLS 3D printers.In August 2024, its premium teeth resin received <a href="https://sp-edge.com/updates/32667">FDA 510(k) Medical Device Clearance </a>for 3D printing of temporary dental appliances.Key customers and partnershipsFormlabs’ customers, including Google, Ford, New Balance, Dame, TaylorMade, Gillette, and the US Naval Academy, have printed over 40 million parts as of May 2022. The company also operates through a network of over 50 ambassadors from 13 countries (as of May 2022) that use Formlabs products.In October 2022, Formlabs partnered with <a href="https://sp-edge.com/updates/13850?industryIds=71">3DPrinterOS</a> to bring 3D printer fleet management and cloud support capabilities to Formlabs’ printers. In May 2023, Formlabs partnered with Hawk Ridge Systems to expand access to its 3D printing solutions in North America and MLC CAD Systems to further expand its presence in the US market.

Formlabs

Companies that develop 3D printers for manufacturers. These companies typically develop their own software and materials which is provided along with the 3D printers (hardware).

Companies that develop only the software to be used in additive manufacturing operations. This includes simulation software, material testing, process optimization, etc.

Companies that develop only the materials used for additive manufacturing operations. These are typically compatible with 3D printers offered by other/partner companies.

Companies that develop hardware and software for post-printing operations like cleaning, surfacing, and coloring.

Companies that use additive manufacturing technology to manufacture components, parts, products, on-demand. This includes contract manufacturers and companies that operate their own manufacturing plants.

Uses advanced robotic arms in printers, backed by software that helps automate the process

Uses AI for advanced design and prototyping

Uses advanced software, robotics, and cloud connectivity to improve printing operations

Enables customization of 3D printed parts based on individual customer requirements

Use of recyclable materials and reducing material waste leads to sustainability

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>
 
 Tritone Technologies, a provider of metal and ceramic additive manufacturing machines, has formed an agreement with TPC Mechatronics, a provider of equipment automation systems, to distribute its products in the Republic of Korea.
 The partnership aims to make Tritone’s proprietary MoldJet technology available in the Korean market.&nbsp;
 Through the partnership, TPC Mechatronics expects to enhance productivity and reduce costs for customers.
 
</div> Analyst QuickTake: 
 The company has been expanding its global presence through partnerships. Last month, it entered a strategic partnership with <a href="https: 
//sp-edge.com/updates/31948"> Allendale Machinery Systems </a> to expand its market presence in North America, and last October, Tritone Technologies partnered with <a href="https: 
//sp-edge.com/updates/23188"> ACS Hybrid </a> to expand its presence in the American Pacific Northwest.

Tritone Technologies

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