The winner of the 2016 Rice Business Plan Competition has been acquired.
College Station-based TriFusion Devices is a 3D printing company that focuses on health care and sports equipment. Its acquirer, College Station-based Essentium Materials LLC, focuses on fusing 3D printed parts to biomedical devices. Essentium’s technology can be used for prosthetic devices, sporting equipment and military devices, according to a statement.
The price of the deal was not disclosed. However, TriFusion was acquired through an equity exchange. The goal is to give TriFusion better operational and capital efficiency as well as more resources.
TriFusion Devices CEO Blake Teipel is also the co-founder, president and CTO for Essentium, according to a statement. TriFusion’s two other employees will also continue with Essentium, bringing the company up to 10 employees, according to a spokesperson.
Essentium was founded in 2013. In that time, its received multiple Small Business Innovation Research grants from the National Science Foundation and has conducted $2 million in funded research, according to a statement. Essentium’s technology provides improvements for the space, weight and power requirements for automative, aerospace, wearables and human-interacting components, according to a statement.
TriFusion won the 2016 Rice Business Plan Competition. The company originated out of technology from Texas A&M University and won nearly $400,000 in the competition.