ModuleWorks, a global leader in toolpath generation, simulation and automation software, today announced a financial investment in Toolpath Labs, a company leveraging AI to optimize the machining business. The investment is part of a round of strategic investment in Toolpath Labs led by Kennametal Inc. (NYSE: KMT) and also joined by Leaders Fund.
The investment from ModuleWorks builds on the technology partnership announced between ModuleWorks and Toolpath Labs in September 2024. The funding from this latest round is intended to further accelerate the development and deployment of powerful, AI-driven user-centric solutions for the manufacturing industry. The collaboration between ModuleWorks and Toolpath Labs aims to deliver automation, intelligent estimation and streamlined workflows to machine shop managers, estimators, planners and CNC programmers, enabling them to work more efficiently and make smarter decisions.
“Deepening our partnership with Toolpath reflects our shared commitment to accelerating innovation in AI-driven manufacturing software,” said Dr. Yavuz Murtezaoglu, Founder and Managing Director of ModuleWorks. “By combining our proven machining technologies with Toolpath’s advanced AI platform, we’re able to deliver powerful solutions into users’ hands faster. This investment naturally extends our mission to advance the manufacturing ecosystem through open collaboration, cross-industry partnerships and software innovation.”
“The industry-leading calibre of these investors underscores that our AI-powered tools bring genuine, immediate value to machining businesses and manufacturers,” said Al Whatmough, Toolpath CEO. “Enabling shops to use modern technology to improve results for their customers, while increasing productivity and profits, is a vision we have in common with all our investors. It’s fantastic to all be rowing in the same direction.”
Kennametal has an equity stake in ModuleWorks as part of their joint commitment to drive collaboration and accelerate digitalization in manufacturing. This latest investment round in Toolpath Labs extends and strengthens the ongoing cooperation between all the involved companies.
ModuleWorks and Toolpath Labs celebrating their partnership in Aachen, Germany. From left to right: Al Whatmough (CEO, Toolpath Labs), Ben Weber (Head of Corporate Development, ModuleWorks), Dr. Yavuz Murtezaoglu (Founder and Managing Director, ModuleWorks), Justin Gray, (CTO, Toolpath Labs).
About Toolpath Labs
Toolpath Labs is an AI-focused start-up focused on new solutions for the manufacturing industry. Toolpath’s mission is to help manufacturers achieve greater efficiency and profitability through the practical application of artificial intelligence, machine learning and decades of real-world experience.
About ModuleWorks
ModuleWorks is at the forefront of digital manufacturing software, playing a key role in enabling the efficient production of increasingly complex parts in an environmentally sustainable way. As a strategic partner to leading CAD/CAM vendors, CNC control makers, machine tool builders and cutting tool manufacturers, ModuleWorks develops software that powers solutions throughout the manufacturing industry which contributes to 16% of global GDP worth $16 trillion per year.
Founded in 2003, ModuleWorks has grown to over 250 employees and already invested 2000 person-years of software development in toolpath and simulation technologies that form the core of manufacturing processes. In the CAD/CAM area alone, ModuleWorks has a market share of 90%, enhancing the performance and quality of over 500,000 installed seats of CAD/CAM and CNC software worldwide. With a comprehensive portfolio of cutting-edge software components and the capacity to address emerging and niche technologies like AI, cloud, automation, additive, robotics and digital dentistry, ModuleWorks is committed to shaping the future of digital manufacturing with its partners, empowering the industry to Get There Faster.