Chicago’s Fast Radius is coaxing manufacturers toward a virtual just-in-time supply chain.
The funding, led by UPS, which backed the company when it launched four years ago, also included Drive Capital, a venture fund in Columbus, Ohio; as well as Chicago-based investors Hyde Park Venture Partners, Jump Capital and Michael Polsky’s Skydeck Capital.
Fast Radius will use the money to build out the software platform used by customers to design, produce and track on-demand parts on Fast Radius machines. The company’s goal is to put manufacturing facilities next to transportation hubs so it can provide a virtual just-in-time supply chain to customers.
Fast Radius has worked with 300 customers, including a dozen Fortune 500 companies, such as Steelcase, HP and Yanfeng, an automotive supplier. Its software recently went into beta test with customers.
Husqvarna, a Swedish power equipment and tool manufacturer, is using Fast Radius to supply a range of plastic parts. “They have tens of thousands of small plastic parts in warehouses all over the world,” Rassey said.