Israeli company XJet, which develops advanced nanoparticle material jet technology for 3D printing metal and ceramic parts, is looking to raise approximately $8-12 million through an initial public offering (IPO) of 2,000,000 shares on the Nasdaq. Along with Velo3D, XJet is the first of a new generation of AM hardware companies to go public, and also the first company to do so via a “standard” IPO in recent years.
The company, founded by Hanan Gothait, who was also a co-founder of Objet Geometries (which merged with Stratasys), will offer shares at a price of $4 to $6 per share, according to the NASDAQ summary of the preliminary filing with the US Securities and Exchange Commission (SEC). The shares are expected to trade on the Nasdaq Global Market under the symbol XJET in the coming weeks following the completion of the roadshow and IPO process.
Ceramic parts 3D printed by XJet using NPJ technology.
XJet has raised approximately $100 million to date and has built a workforce of approximately 100 employees previously involved in the development of Objet’s PolyJet, Indigo’s ElectroInk and HP Scitex’s large format inkjet technology. Its main shareholders are Lucion, Alumot, ARCHina and IBI Trust Management.
VoxelMatters was one of the very first AM industry media, visiting the company’s headquarters in Rehovot back in 2015 and witnessing the many and lengthy strides the company has made in bringing its advanced nanoparticle jetting technology to the market. The goal of XJet is to enable highly automated workflows by using soluble carrier materials and water as a binder for the ceramic and metal nanoparticles while they are deposited on a wide build platform.
XJet’s technology enables the scale production of geometrically complex and high-quality end-use parts that would otherwise be difficult or impossible to manufacture. The all-in-one solution includes hardware, software, and consumables and supports multiple industries and use cases. Such a solution enables automated, cost-effective, safe and environmentally friendly production of parts.
The XJet plant in Rehovot
“At XJet, we firmly believe in automation and digital manufacturing, and in particular the increased shift to additive manufacturing,” the company said in its official description on the NASDAQ portal. “Such a transformation will enable companies around the world to benefit from a wide range of complex geometry design capabilities, reduced lead times, reduced inventory levels and greater cost efficiencies in production. According to the 2021 World Development Indicators report, the global manufacturing market was valued at US$16.05 trillion in 2021, which we estimate includes approximately 300 billion end-use parts. Most parts today are made using traditional manufacturing processes such as machining, investment casting, and injection molding. Traditional manufacturing technologies have remained virtually unchanged for decades, requiring long sequential manufacturing steps and the need for specialized tools, jigs and fixtures. As a result, using traditional technologies to manufacture parts with complex designs often results in longer time to market, additional labor, and higher costs. As a result, part manufacturers have limited ability to respond to changes in demand volume, supply chain disruptions, or changes in the design of the part being manufactured.”
Although additive manufacturing solutions have attracted a lot of interest in various industries, such solutions have only been pursued to a limited extent beyond prototyping. XJet’s comprehensive metal and ceramic additive manufacturing solutions are designed to enable companies across industries to meet many of the challenges involved in manufacturing complex parts at scale. In recent years the company has focused on research and development and has assembled one of the most experienced teams in the additive manufacturing industry, with decades of experience working for world leaders in digital printing, additive manufacturing and semiconductor equipment.
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