Latest investment brings Formlabs' total raised funding to date to over $100 million.
Formlabs has secured $15 million in funding from global venture capital firm New Enterprise Associates (NEA), valuing the company at over 1 billion USD.
The investment brings Formlabs’ total raised funding to over 100 million USD following a 30 million USD Series C back in April to scale operations in China and Asia. The company has also announced the appointment of Jeff Immelt, former chairman and CEO of the General Electric Company, to its board of directors. Immelt also recently joined the board of directors at fellow Boston-area 3D printing company, Desktop Metal.
“We’re thrilled to have Jeff join the board,” Max Lobovsky, co-founder and CEO of Formlabs commented. “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.”
Formlabs has established itself as one of the most successful manufacturers of SLA (stereolithography) systems having launched three versions of its desktop SLA printer and most recently, its Fuse 1 desktop SLS (selective laser sintering) system. Formlabs says its on track to generate an annual revenue of over 100 million USD following five consecutive years of averaging close to 100% growth.
“I’m excited to work with Formlabs at this pivotal time in the company’s development,” said Immelt. “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.”
Having already invested in companies such as Desktop Metal and OnShape, digital manufacturing is a growing area of focus for NEA, alongside enabling technologies like machine learning, robotics, and connected devices.
“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,” said NEA partner Dayna Grayson, who led the firm’s investment in Formlabs. “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.”
