VELO3D, the digital manufacturing innovator, announced that it has received its largest order till date worth $20M for its metal Additive Manufacturing (AM) printers from an existing aerospace customer.
Commenting on the huge order, Benny Buller, founder and CEO of VELO3D said, “This significant order validates that VELO3D’s SupportFree process is production-ready. Our recent successes across various industrial sectors show that many OEMs and contract manufacturers are adapting their supply chain to meet the demands of manufacturing mission-critical components. Design freedom, agile production, and quality assurance are requirements that VELO3D is uniquely positioned to meet.”
VELO3D is well-known for enabling geometric freedom through its patented SupportFree process, which reduces the consideration of support structures for complex passageways, shallow overhangs and low angles. The VELO3D solution consists of Flow™ pre-print software, Sapphire® metal AM printer, and Assure™ quality assurance and control system.
This contract news comes after the announcement that VELO3D made last week regarding the completion of a $40M fundraising round, $12M from new strategic investors and $28M raised for product expansion, in the midst of COVID-19, increasing total fundraising to $150M to date.
Benny added, “We are very excited to see this level of interest from multiple industry leaders that use our solution to overcome complex challenges for their businesses and will be announcing more about this in the coming weeks. In this unprecedented time of uncertainty, this funding will allow us to keep expanding our business and reach profitability.”
The funds will allow the company to grow their product portfolio with new machines and alloys and to continue providing world-class support to customers. Furthermore, VELO3D expects that this raise will help them reach sustainable profitability by mid-2022.