Foundation Alloy, a U.S.-based metallurgy company developing advanced solid-state alloy manufacturing technologies, has raised $22 million in Series A funding to expand production of its MetalsFIRST™ platform and scale operations to industrial volumes. The round was led by Voyager Ventures, with participation from Trust Ventures, Yamaha Motor Ventures, America’s Frontier Fund, Material Impact, Engine Ventures, and others. Kanematsu Corporation also joined the round and signed a distribution partnership to bring Foundation Alloy materials to customers across Japan and Southeast Asia.
Scaling Advanced Metals Production
The new capital will support the launch of a 36,000-square-foot facility in Massachusetts, expansion of manufacturing capacity, and growth across engineering, production, and commercial teams. Foundation Alloy aims to increase output from pilot-scale production to tons per week by 2027.
“This Series A funds the factory, not the lab. Our new Massachusetts facility and modular production cell are set to grow capacity from pilot-scale today to tons per week by 2027—a 100x increase, built on a modular equipment platform that deploys and scales 10x faster than traditional metals manufacturing," said Jake Guglin, CEO of Foundation Alloy.
Reinventing Alloy Manufacturing
Foundation Alloy’s MetalsFIRST platform uses a solid-state process that eliminates traditional melt-based production. The approach reduces manufacturing complexity, improves scalability, and enables alloy compositions that are difficult to achieve through conventional methods.
The company’s product portfolio includes specialty steels and the Molyclast® family of molybdenum-based alloys designed for demanding industrial applications such as forging, die casting, aerospace, defense, and energy systems.
Global Commercial Expansion
Foundation Alloy materials are currently being evaluated by industrial customers across North America, Europe, and Asia. Through the new partnership with Kanematsu Corporation, the company plans to expand commercial adoption throughout Japan and Southeast Asia.
Industry Support
The company has also worked with LIFT, a U.S. manufacturing innovation institute focused on accelerating advanced materials technologies into industrial production.
“The Department of War Manufacturing Innovation Institutes’ core mission is to accelerate transformational technology into the U.S. industrial base and to support the successful scale up of those innovations,” said Nigel Francis, CEO and Executive Director, LIFT “We are tremendously proud to see that vision realized with Foundation Alloy and this important Series A funding. Our testbed and pilot plant facility in Detroit played a pivotal role in testing and demonstrating Foundation Alloy’s novel technology, helping to lay the foundation for this next phase of growth — right here in the United States.”