<description>&lt;p&gt;Welcome to &lt;i&gt;Printing Money &lt;/i&gt;Episode 38. &lt;a href="https://www.linkedin.com/in/rajeevkulkarni/"&gt;&lt;span class="s1"&gt;Rajeev Kulkarni&lt;/span&gt;&lt;/a&gt; returns for this episode, and we find it hard to believe it’s been nearly two years since his &lt;a href="https://3dprint.com/311700/printing-money-episode-20-additive-manufacturing-ma-and-more-with-rajeev-kulkarni/"&gt;&lt;span class="s1"&gt;first appearance&lt;/span&gt;&lt;/a&gt;.&lt;span class="Apple-converted-space"&gt; &lt;/span&gt;In the interim, one of Rajeev’s three focus-companies (&lt;a href="https://3dprint.com/320463/pac-dent-buys-ackuretta/"&gt;&lt;span class="s1"&gt;Ackuretta&lt;/span&gt;&lt;/a&gt;) was acquired in a positive outcome and the other two (&lt;a href="https://axtra3d.com/"&gt;&lt;span class="s1"&gt;Axtra3D&lt;/span&gt;&lt;/a&gt; and &lt;a href="https://www.caracol-am.com/"&gt;&lt;span class="s1"&gt;Caracol&lt;/span&gt;&lt;/a&gt;) have experienced significant growth and fundraising.&lt;/p&gt; &lt;p&gt;Episode 38 begins with a look at Rajeev’s career and current work. From there, Danny and Rajeev set the stage by reviewing last month’s &lt;a href="https://www.rapid3devent.com/"&gt;&lt;span class="s1"&gt;RAPID&lt;/span&gt;&lt;/a&gt; event in Boston and highlighting certain trends there that are playing out in real-time in the 3DP/AM M&amp;#38;A and financing world.&lt;/p&gt; &lt;p&gt;Did we say 3DP/AM M&amp;#38;A and financing? This episode tips the scales at just over one hour of 3DP/AM deals galore, so please enjoy &lt;i&gt;all&lt;/i&gt; the nuggets of knowledge and analysis. Themes include private equity’s deepening embrace of the AM services business, notable transactions from publicly traded companies, ongoing developments in the Nano Dimension telenovela, validated speculation about EOS’ acquisition trail, and a number of impressive VC rounds and strategic investments.&lt;/p&gt; &lt;p&gt;Please enjoy Episode 38 and check out our &lt;a href="https://podcasts.apple.com/us/podcast/printing-money/id1677763311"&gt;&lt;span class="s1"&gt;previous episodes&lt;/span&gt;&lt;/a&gt; too.&lt;/p&gt; &lt;p&gt;&lt;em&gt;This episode was recorded May 12, 2026.&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt;Timestamps:&lt;/strong&gt;&lt;/p&gt; &lt;p class="p1"&gt;00:13 – Welcome to Episode 38, and welcome back to Rajeev Kulkarni&lt;/p&gt; &lt;p class="p1"&gt;00:38 – Rajeev’s career at 3D Systems (DDD) and his current work at Axtra3D, Caracol, and more&lt;/p&gt; &lt;p class="p1"&gt;05:48 – Workflow considerations for 3DP/AM business growth&lt;/p&gt; &lt;p class="p1"&gt;07:00 – &lt;span class="s1"&gt;RAPID 2026&lt;/span&gt; review: Smaller, More focused, New leadership, Defense and Drones, LPBF dominance&lt;/p&gt; &lt;p class="p1"&gt;08:52 – Real market growth, not evenly distributed&lt;/p&gt; &lt;p class="p1"&gt;11:16 – For OEMs, it’s time to polarize your products&lt;/p&gt; &lt;p class="p1"&gt;14:15 – Bullish M&amp;#38;A trends for 3DP/AM&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;14:47 – &lt;a href="https://3dprint.com/322369/sintokogio-buys-boschs-ceramics-unit-plans-global-am-expansion/"&gt;&lt;span class="s1"&gt;AFM acquires Incodema3D&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;15:32 – &lt;a href="https://www.i3dmfg.com/i3d-news-press/i3d-acquires-burloak-technologies/"&gt;&lt;span class="s1"&gt;BTX Precision subsidiary I3D acquires Burloak from Samuel&lt;/span&gt;&lt;/a&gt; (breaking news as of this recording date!)&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;21:18 – &lt;a href="https://www.metal-am.com/prodways-group-to-sell-software-business-for-e35m/"&gt;&lt;span class="s1"&gt;Prodways (PWG.PA) sells its software business for EUR 35M&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;25:12 – &lt;a href="https://3dprint.com/324971/3d-printing-news-briefs-4-2-2026/"&gt;&lt;span class="s1"&gt;Materialise (MTLS) transferring its RapidFit business to management team&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;30:56 – &lt;a href="https://3dprint.com/325057/analysis-nano-dimension-sells-additive-manufactured-electronics-business/"&gt;&lt;span class="s1"&gt;Nano Dimension (NNDM) sells its AM Electronics business for not very much, and to a co-founder of… Nano Dimension&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p1"&gt;35:36 – What will come of what’s left at Nano Dimension?&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;36:30 – &lt;/span&gt;&lt;a href="https://3dprint.com/325212/alloy-enterprises-is-being-acquired-as-am-consolidation-continues/"&gt;&lt;span class="s3"&gt;Johnson Controls (JCI) acquiring Alloy Enterprises&lt;/span&gt;&lt;/a&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;41:09 – &lt;a href="https://3dprint.com/325317/eos-buys-metalpine-but-whats-behind-the-move/?utm_source=dlvr.it&amp;#38;utm_medium=linkedin"&gt;&lt;span class="s1"&gt;EOS acquires Metalpine&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;42:11 – &lt;a href="https://www.tctmagazine.com/amnovis-acquires-westconn-precision-technologies-sets-up-north-american-operation/"&gt;&lt;span class="s1"&gt;Amnovis acquires Westconn&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;44:37 – &lt;a href="https://3dprint.com/324754/tethon-3d-buys-fortify-ip/"&gt;&lt;span class="s1"&gt;Tethon3D acquires Fortify3D IP&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;48:33 – &lt;a href="https://techcrunch.com/2026/02/19/freeform-raises-67m-series-b-to-scale-up-laser-ai-manufacturing/"&gt;&lt;span class="s1"&gt;Freeform raises $67M Series B&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;50:53 – &lt;a href="https://www.axios.com/pro/all-deals/2026/04/29/firestorm-labs-mobile-drone-factory-container-magy"&gt;&lt;span class="s1"&gt;Firestorm raises $82M Series B&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;55:06 – &lt;a href="https://3dprint.com/323893/3d-printed-orthopedic-device-startup-nanochon-closes-11-3m-oversubscribed-seed-round/"&gt;&lt;span class="s1"&gt;Nanochon closes $4.1M Seed Round&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;57:11 – &lt;a href="https://3dprint.com/325000/chemical-manufacturer-kureha-makes-strategic-investment-in-z-polymers-advanced-3d-printing-materials/"&gt;&lt;span class="s1"&gt;Kureha invests in Z-Polymers&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p2"&gt;&lt;span class="s2"&gt;59:57 – &lt;a href="https://3dprint.com/325703/cantor-fitzgerald-behind-velo3d-raise-and-elmet-ipo/"&gt;&lt;span class="s1"&gt;Velo3D (VELO) $50M private placement offering&lt;/span&gt;&lt;/a&gt;&lt;/span&gt;&lt;/p&gt; &lt;p class="p1"&gt;1:01:50 – Thanks again to Rajeev, and thanks to you for listening!&lt;/p&gt; &lt;p&gt;&lt;strong&gt;Disclaimer:&lt;/strong&gt;&lt;/p&gt; &lt;p&gt;&lt;em&gt;This content&lt;/em&gt; &lt;i&gt;is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information.&lt;/i&gt;&lt;i&gt;&lt;/i&gt;&lt;/p&gt; &lt;p&gt;&lt;em&gt;Danny Piper&lt;/em&gt; &lt;i&gt;is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for tax, legal, or investment advice. Investors should consult with their own tax, legal, and financial professionals before investing. Real estate investments are generally highly risky. They can be volatile, unpredictable, illiquid, and are subject to ebbs and flows and market shifts. Investors also risk the loss of all principal investments.&lt;/i&gt;&lt;/p&gt;</description>

Printing Money

Printing Money

Printing Money Episode 38: Additive Manufacturing Deal Analysis with Rajeev Kulkarni

MAY 18, 202662 MIN
Printing Money

Printing Money Episode 38: Additive Manufacturing Deal Analysis with Rajeev Kulkarni

MAY 18, 202662 MIN

Description

<p>Welcome to <i>Printing Money </i>Episode 38. <a href="https://www.linkedin.com/in/rajeevkulkarni/"><span class="s1">Rajeev Kulkarni</span></a> returns for this episode, and we find it hard to believe it’s been nearly two years since his <a href="https://3dprint.com/311700/printing-money-episode-20-additive-manufacturing-ma-and-more-with-rajeev-kulkarni/"><span class="s1">first appearance</span></a>.<span class="Apple-converted-space"> </span>In the interim, one of Rajeev’s three focus-companies (<a href="https://3dprint.com/320463/pac-dent-buys-ackuretta/"><span class="s1">Ackuretta</span></a>) was acquired in a positive outcome and the other two (<a href="https://axtra3d.com/"><span class="s1">Axtra3D</span></a> and <a href="https://www.caracol-am.com/"><span class="s1">Caracol</span></a>) have experienced significant growth and fundraising.</p> <p>Episode 38 begins with a look at Rajeev’s career and current work. From there, Danny and Rajeev set the stage by reviewing last month’s <a href="https://www.rapid3devent.com/"><span class="s1">RAPID</span></a> event in Boston and highlighting certain trends there that are playing out in real-time in the 3DP/AM M&#38;A and financing world.</p> <p>Did we say 3DP/AM M&#38;A and financing? This episode tips the scales at just over one hour of 3DP/AM deals galore, so please enjoy <i>all</i> the nuggets of knowledge and analysis. Themes include private equity’s deepening embrace of the AM services business, notable transactions from publicly traded companies, ongoing developments in the Nano Dimension telenovela, validated speculation about EOS’ acquisition trail, and a number of impressive VC rounds and strategic investments.</p> <p>Please enjoy Episode 38 and check out our <a href="https://podcasts.apple.com/us/podcast/printing-money/id1677763311"><span class="s1">previous episodes</span></a> too.</p> <p><em>This episode was recorded May 12, 2026.</em></p> <p><strong>Timestamps:</strong></p> <p class="p1">00:13 – Welcome to Episode 38, and welcome back to Rajeev Kulkarni</p> <p class="p1">00:38 – Rajeev’s career at 3D Systems (DDD) and his current work at Axtra3D, Caracol, and more</p> <p class="p1">05:48 – Workflow considerations for 3DP/AM business growth</p> <p class="p1">07:00 – <span class="s1">RAPID 2026</span> review: Smaller, More focused, New leadership, Defense and Drones, LPBF dominance</p> <p class="p1">08:52 – Real market growth, not evenly distributed</p> <p class="p1">11:16 – For OEMs, it’s time to polarize your products</p> <p class="p1">14:15 – Bullish M&#38;A trends for 3DP/AM</p> <p class="p2"><span class="s2">14:47 – <a href="https://3dprint.com/322369/sintokogio-buys-boschs-ceramics-unit-plans-global-am-expansion/"><span class="s1">AFM acquires Incodema3D</span></a></span></p> <p class="p2"><span class="s2">15:32 – <a href="https://www.i3dmfg.com/i3d-news-press/i3d-acquires-burloak-technologies/"><span class="s1">BTX Precision subsidiary I3D acquires Burloak from Samuel</span></a> (breaking news as of this recording date!)</span></p> <p class="p2"><span class="s2">21:18 – <a href="https://www.metal-am.com/prodways-group-to-sell-software-business-for-e35m/"><span class="s1">Prodways (PWG.PA) sells its software business for EUR 35M</span></a></span></p> <p class="p2"><span class="s2">25:12 – <a href="https://3dprint.com/324971/3d-printing-news-briefs-4-2-2026/"><span class="s1">Materialise (MTLS) transferring its RapidFit business to management team</span></a></span></p> <p class="p2"><span class="s2">30:56 – <a href="https://3dprint.com/325057/analysis-nano-dimension-sells-additive-manufactured-electronics-business/"><span class="s1">Nano Dimension (NNDM) sells its AM Electronics business for not very much, and to a co-founder of… Nano Dimension</span></a></span></p> <p class="p1">35:36 – What will come of what’s left at Nano Dimension?</p> <p class="p2"><span class="s2">36:30 – </span><a href="https://3dprint.com/325212/alloy-enterprises-is-being-acquired-as-am-consolidation-continues/"><span class="s3">Johnson Controls (JCI) acquiring Alloy Enterprises</span></a></p> <p class="p2"><span class="s2">41:09 – <a href="https://3dprint.com/325317/eos-buys-metalpine-but-whats-behind-the-move/?utm_source=dlvr.it&#38;utm_medium=linkedin"><span class="s1">EOS acquires Metalpine</span></a></span></p> <p class="p2"><span class="s2">42:11 – <a href="https://www.tctmagazine.com/amnovis-acquires-westconn-precision-technologies-sets-up-north-american-operation/"><span class="s1">Amnovis acquires Westconn</span></a></span></p> <p class="p2"><span class="s2">44:37 – <a href="https://3dprint.com/324754/tethon-3d-buys-fortify-ip/"><span class="s1">Tethon3D acquires Fortify3D IP</span></a></span></p> <p class="p2"><span class="s2">48:33 – <a href="https://techcrunch.com/2026/02/19/freeform-raises-67m-series-b-to-scale-up-laser-ai-manufacturing/"><span class="s1">Freeform raises $67M Series B</span></a></span></p> <p class="p2"><span class="s2">50:53 – <a href="https://www.axios.com/pro/all-deals/2026/04/29/firestorm-labs-mobile-drone-factory-container-magy"><span class="s1">Firestorm raises $82M Series B</span></a></span></p> <p class="p2"><span class="s2">55:06 – <a href="https://3dprint.com/323893/3d-printed-orthopedic-device-startup-nanochon-closes-11-3m-oversubscribed-seed-round/"><span class="s1">Nanochon closes $4.1M Seed Round</span></a></span></p> <p class="p2"><span class="s2">57:11 – <a href="https://3dprint.com/325000/chemical-manufacturer-kureha-makes-strategic-investment-in-z-polymers-advanced-3d-printing-materials/"><span class="s1">Kureha invests in Z-Polymers</span></a></span></p> <p class="p2"><span class="s2">59:57 – <a href="https://3dprint.com/325703/cantor-fitzgerald-behind-velo3d-raise-and-elmet-ipo/"><span class="s1">Velo3D (VELO) $50M private placement offering</span></a></span></p> <p class="p1">1:01:50 – Thanks again to Rajeev, and thanks to you for listening!</p> <p><strong>Disclaimer:</strong></p> <p><em>This content</em> <i>is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information.</i><i></i></p> <p><em>Danny Piper</em> <i>is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for tax, legal, or investment advice. Investors should consult with their own tax, legal, and financial professionals before investing. Real estate investments are generally highly risky. They can be volatile, unpredictable, illiquid, and are subject to ebbs and flows and market shifts. Investors also risk the loss of all principal investments.</i></p>