慕尼黑是添加剂制造活动的枢纽，因此，3D印刷领域的主要专家投资者之一位于德国南部的这座城市，这不足为奇。
持有GmbH的冒险（AMV）对高级制造业以及3D印刷行业的许多领域进行战略投资。该公司有一个陈述的目标，可以“建立可扩展的价值链，以使高级应用程序连续生产”。
最初在增材制造市场领导者的支持下建立EOS, AMV has a portfolio of investments focused on disruptive applications. Investments include software with3YOURMIND，后处理染色andExmet AB- 一家使用添加剂制造的公司与无定形金属合金配合使用。
今年早些时候，我们的读者将AM Ventures投票为年度投资者或专业服务公司2018 3D Printing Industry Awards。
3D印刷行业与AMV首席风险投资官Arno Held遇到了有关如何获得3D打印初创公司资助的更多信息，在增材制造业中寻找哪些风险投资公司以及创新的机会仍然需要的机会变得充实。
3D印刷行业：您如何描述您在AMV的角色，该基金的目的是什么？
阿诺举行:持有GmbH的冒险(AMV) is a strategic investment company with the purpose to sustainably grow the Additive Manufacturing industry. Our specialty is Advanced Manufacturing in general and Additive Manufacturing in particular. This narrow focus on AM and a strict commitment to synergetic investments is what differentiates us from the conventional venture capital industry.
我们的主要USP是我们的AM工程，生产和执行管理以及工业3D印刷界的网络以及迄今为止我们建立的优秀公司生态系统的广泛经验。
As Chief Venture Officer I am responsible for the venturing value chain activities all the way from scouting new start-up companies to the investment management of the portfolio members. My team comprises of 6 highly talented and super motivated colleagues focusing on different technology fields such as materials, hardware, software, applications and manufacturing.
3D Printing Industry: Why does the 3D printing industry need an enterprise like AMV?
阿诺举行:在当今的增材制造业中，大多数大型公司都专注于种植AM Pie的碎片。但是，我们的使命是发展整个行业，并在工业背景下加速AM的采用。工业AM具有很大的潜力，但仍未解决许多挑战。有一些冒险的公司准备投资于我们的行业，但只有很少的公司拥有深入的专业知识来评估与AM相关的商业想法。我们很荣幸能在AMV内的增材制造中拥有数十年的经验，甚至在我们的投资组合公司，顾问和受信任的合作伙伴的生态系统中获得更多经验。我们可以自信地说，几乎没有其他人能够像我们一样在AM行业评估一家公司。
3D Printing Industry: Can you tell me more about how you make a decision to invest in a 3D printing start-up? What is your time horizon for an exit/ROI?
阿诺举行:我们正在努力建立公司的协同产品组合。这意味着，如果投资组合从新投资中受益，反之亦然，我们投资了。这使我们能够通过每笔新的收购来增加现有投资的价值。最终的投资决定是由我们的投资委员会做出的，该委员会由AMV管理层，我们的股东Langer博士和一些选定的顾问组成。
一旦我们进行了投资，当然，在增长和成功方面就会有一定的期望。但是，由于我们在高科技开发方面经验丰富，我们知道与经典软件初创企业相比，需要不同的资源，技能和耐心。
3D Printing Industry: Have you noticed any particular trends over the recent years in the type of companies making pitches? For example, are you seeing more ventures based around software, applications or hardware?
阿诺举行:是的。就像在任何其他行业一样，趋势来来去去。几年前，数字权利管理和软件平台有很大的趋势，然后进行了拓扑优化。眼镜初创企业去年相当臀部，今年似乎 - 终于 - 第一个真实的high volume industrial applications处于突破的边缘。
Overall, we can say that we are noticing that the educational quality with regards to AM has improved significantly. Compared to the industry five years ago, young entrepreneurs know 3D Printing and its opportunities way better and they also know exactly how to overcome the limitations. The coming years will be highly exciting for engineers.
3D Printing Industry: Are there specific challenges in AM that you would like to see more enterprises tackling? If so, what are these?
阿诺举行:我们看到的是，对高级应用程序的需求正在上升。似乎增材制造技术的用户在识别基于AM的新颠覆应用程序方面仍然缺乏成功，而不仅仅是替换现有的应用程序。这是一个巨大的挑战，呼吁聪明的人开发针对AM量身定制的新应用程序。这就是为什么我们不仅专注于硬件，软件和材料企业，还专注于应用程序。
Some start-ups have realized that the true value of AM can be created when end-use parts are being redesigned from scratch. Then the true engineering magic happens. Larger corporations might have the funds and resources for this but are mostly lacking flexibility. This is the big advantage of start-up companies. Forget about what has been there and start over. Highly dynamic scrum teams which are detached from a rigid organization bring new creativity and a different level of innovation to the big industrial players. We know that this requires new skill-sets in and around materials, manufacturing and applications development, but this is exactly where AMV can very well support.
3D打印行业：结合硬件，软件和材料/化学专业知识，AM是一个具有许多活动部件的领域，并且可能风险。过去，软件行业一直是投资者过去的主要重点，这可能是由于（这是一个过分简化的）通过租赁额外的带宽/计算能力扩展的能力。您如何看待更广泛的投资社区对不专门专门针对软件的启动投资的兴趣，以及该组在2018年如何看待3D打印？
阿诺举行:Indeed, cost, dynamics and scalability in software are different than in hardware technology. A couple of years back we saw that large software VCs started to make the first investments in AM.
当然，这些公司在投资的增长和货币化方面有一定的期望。这些期望是针对数字公司的业绩进行基准的。一旦投资者意识到工业硬件的工作方式有所不同，这将成为一个挑战。它需要更多的耐心和不同的知识和网络，以创建协同作用。
但是，我们看到资金和企业风险资本家今天也开始投资基于技术的AM初创公司。尤其是在美国，我们正在看到每月的门票尺寸和估值如何变得越来越大。这是一个令人印象深刻的发展，对于企业家筹集资金时，这肯定是一个很好的声明。但是，这也表明了投资者对未来的期望以及团队所承受的压力，以满足数字并遵守承诺。
3D打印行业：慕尼黑，您的住所附近，已成为AM活动的热点。您将其归因于什么？
阿诺举行:通常，德国南部是高科技，硬件和各种工程学科的绝佳繁殖地。其中的示例不仅包括宝马，戴姆勒，西门子等大型蓝筹科技公司，而且还包括许多中等大小的世界领先的公司在其行业的最前沿。与Karlsruhe，Stuttgart和Munich等世界知名的技术大学结合使用，还有长期成功的基础。
Munich in particular is the home of large industrial companies and also birthplace of EOS, the leader in polymer and metal AM. The company was founded here almost 30 years ago. Ten years later,Voxeljetwas founded just outside of Munich.
五年前，我是建立3D打印集群计划的团队的一员必须3D, a network of a couple of hundred 3D Printing enthusiasts who meet every 6 months in order to update each other on the latest developments in AM.
In more recent years, the proximity to talent and large potential customers encouraged also other industry players such asGE添加剂andOerlikonto open subsidiaries in Munich. Last but not least, successful AM startups and AM Ventures portfolio companies like染色andvectoflow在城市设有总部。
On top of this, Munich has a very active scene of excellent high tech investors such asB-to-VandUnternehmerTUM VC。此外，当地基础设施通过TU慕尼黑，LMU和慕尼黑应用科学大学的创业中心提供了大力的启动支持。尤其是欧洲最大的企业家中心Unternehmertum，为各种技术初创公司提供了极大的推动力。
我认为当地生态系统在慕尼黑是独一无二的and there is no better place from a global perspective to set foot in the AM industry…and AM Ventures is always open to support cutting-edge entrepreneurial initiatives that help AM technologies and applications to become the industry standard of tomorrow.
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