Cutting tools and engineered components supplier Kennametal on Thursday announced a new “strategic investment” in a startup developer of computer-aided manufacturing software.
Kennametal officials said the partnership with Toolpath Labs would combine its tooling and engineering expertise with an “AI-first approach” — and expand its suite of digital capabilities.
Toolpath, located in suburban Cleveland, says its software integrates artificial intelligence into CAM processes, which optimizes tool selection and toolpath strategies. The technology, in turn, would allow Kennametal customers to operate more efficiently and help overcome industry skills gaps.
The companies plan to scale Toolpath’s platform “globally” and collaborate “closely” on product development, demand generation and go-to-market strategy.
Terms of the investment were not disclosed.
"Toolpath represents a compelling opportunity for us to extend what we do best — application expertise and advanced tooling — to a broader audience of customers," Dave Bersaglini, Kennametal’s president of metal cutting, said in a statement. "Together, we're building a bridge between human expertise and digital intelligence to deliver measurable performance improvements on the shop floor."
“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,” added Toolpath CEO Al Whatmough. “It’s fantastic to all be rowing in the same direction.”
