One of Americas Largest Metal 3D Printing Service Bureaus Just Got Bought — What AFM Capital Wants

Indianapolis-based investment fund AFM Capital has acquired a majority stake in Incodema3D, one of the largest metal additive manufacturing service bureaus in the United States. The deal marks a significant consolidation in the increasingly competitive metal 3D printing services market.

One of the Biggest Metal AM Service Bureaus

Based in Freeville, New York, Incodema3D operates from a 60,000-square-foot factory and has established itself as a major player in metal LPBF (Laser Powder Bed Fusion). The company runs 35 EOS machines, making it one of the largest EOS customers worldwide.

Founded by Sean Whittaker, Incodema3D initially raised $8 million in funding, followed by a $5.1 million seed round in 2018. The company has focused on serial production rather than the typical high-mix, low-volume approach common in the industry.

A Focus on Production Economics

What set Incodema3D apart was its early focus on defense, aerospace, and energy sectors — industries requiring highly engineered components with strict quality standards. The company invested heavily in bringing nearly the entire production chain in-house, including CNC machining, heat treatment, and post-processing capabilities.

With just 55 staff in 2024, Incodema3D built an efficient operation focused on repeatability, low scrap rates, and production-scale economics. Their 14-year partnership with EOS allowed them to develop deep institutional knowledge across multiple platforms.

What AFM Capital Wants

AFM Capital, which also invests in TriStar (industrial pipe supplier) and Tag (aerospace APU vendor), sees Incodema3D as an advanced industrial platform worthy of further investment.

According to AFM Capital President Mark McTigue: Incodema3D represents exactly the type of advanced industrial platform we seek to build. The Company has established itself as a trusted partner to leading customers by delivering highly engineered metal components at production scale.

The fund plans to invest in capacity expansion and large-format additive technologies while extending the company's manufacturing footprint to support long-term customer programs.

The Bigger Picture

Sean Whittaker and his team will remain with the company under the new ownership structure. The acquisition comes amid a wave of consolidation in the additive manufacturing services space, as investors seek established players with proven production capabilities rather than earlier-stage startups focused on prototyping.

This deal demonstrates that while the additive manufacturing industry continues to evolve, companies that focused on production efficiency and quality — rather than chasing the hype of novel applications — are proving to be attractive acquisition targets.