Massachusetts-based Formlabs, a leading designer and manufacturer of powerful and accessible 3D printing systems announced that it has raised $15 million in funding from Maryland-headquartered New Enterprise Associates (NEA) – a global venture capital firm. The funding raised the value of Formlabs to over $1 billion making it a Unicorn startup company or a privately held startup company valued at $1 billion or more.
Offering details about why NEA decided to invest in Formlabs, NEA Partner Dyna Grayson, who also led the firm’s investment in Formlabs said, “We have been tracking Formlabs as their printers have expanded from individual usage to enterprise usage and now they are driving the production of a wide array of end use polymer based parts.”
“The leadership team has executed flawlessly at each stage, and we’re excited to support the growth of this phenomenal company as we enter a new era in manufacturing – one in which scaled processes like mass customization are finally possible,” added Grayson.
In addition to the funding, Formlabs also announced the appointment of Jeff Immelt, former Chairman and CEO of General Electric on to its board of directors.
Speaking about the funding and the appointment of Immelt, Max Lobovsky, Co-Founder and CEO at Formlabs said, “Advancing the use and development of advanced manufacturing technologies across a variety of industries is a signature achievement of his tenure at GE, and his depth of expertise will be invaluable to our business. With Jeff’s appointment and this latest round of funding from NEA, Formlabs will be well positioned to continue its global growth and expansion into more product lines.”
“We’re excited to have the support of Dayna and the entire team at NEA, and to welcome Jeff to our board,” said Natan Linder, co-founder and chairman of Formlabs. “Jeff’s knowledge of the industrial market, broad relationships, and four decades of global company building expertise will be an asset as we build on our rapid growth and look toward global markets like China.”
Expressing delight over his appointment, Immelt said, “I’m excited to work with Formlabs at this pivotal time in the company’s development. Max and the team have demonstrated outstanding progress to date, with best-in-class technology and impressive momentum across a wide swath of industries, including engineering, healthcare and manufacturing”.
Since the company’s founding in 2011, they have outpaced competitors and established themselves as a leader in 3D printing. I look forward to supporting this next phase for the company as they accelerate adoption and continue to advance the technology,” added Immelt.
For some time now, Formlabs has been a forerunner in the field of 3D printing and has achieved several milestones. The company is the number one seller of Stereolithography 3D printers, and has recently expanded its operations in China and other Asia-Pacific markets. It also has a growing customer base of innovators in their respective fields that range from large global enterprises to small businesses.
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