3D printer maker Mcor to add 100 new jobs in €5m expansion
Louth-based 3D printer maker Mcor is raising €5m in order to scale up with 100 new employees and target sales of up to 2,000 printers a month.
The Dunleer firm has orders from Boeing, Disney, Toyota and Nasa for its printers, which print 3D models and prototypes in colour from paper and ink, and is the only 3D printer in the world that use paper rather than plastic, powder or metal.
The firm's backers include Tipperary technology entrepreneur and investor John Ryan. Co-founders Dr Conor MacCormack and his brother Fintan, who are both engineers, are eyeing annual growth of up to 50pc, following a partnership with manufacturing giant Flex, which makes products for Google and Fitbit.
Mcor, which was founded in 2005, and sold its first printer in 2007, has sold about 1,000 printers, and is taking aim at a competitor, which sells about 2,000 a month, Dr Conor MacCormack said.
The company employs 50 staff and the 100 new employees will be added in support, sales and marketing, engineering and software development. Sales will be made through a network of 150 dealers in 50 countries, he added. "It took two years to develop our latest Arke model, and a further year of work with Flex. They can do the manufacturing efficiently and reliably, while we focus on sales and inventing, design and R&D," said MacCormack.
Mcor has raised €16m to date, about €10m of which was from European VC firm Alpina Partners, which previously backed Limerick smart bin tag firm AMCS. The new funding is likely to come from VCs or strategic investors in the US or Europe, MacCormack said.
Sunday Indo Business