Seurat Technologies closes $99m Series C funding round

by

Metal additive manufacturing firm Seurat Technologies has announced a 99 million USD Series C round led by NVentures, NVIDIA’s venture capital arm, and Capricorn’s Technology Impact Fund.

The Series C round follows an extended Series B round in 2021/22, which raised an initial 41m USD and an additional 21m USD to take its then total amount raised to just under 80 million USD.

Seurat has come to market with a proprietary laser powder bed 3D printing process, which was originally developed at Lawrence Livermore National Laboratory, via a parts service business model. The company claims to power its Area Printing technology with 100% green energy and is hopeful of migrating as much as 100 million tons of CO2 by 2030 by providing key industries with a high-precision, high-volume, decarbonised manufacturing solution.

Currently, Seurat only has it pilot factory in the Greater Boston area up and running – which is capable of producing more than 25 tons of metal parts annually and is already oversubscribed – but plans to deploy printing factories at or nearby to customer sites around the world. Earlier this year, it was announced Siemens Energy will lean on Area Printing to manufacture 59 tons of turbine components over a six-year period, while there are said to be six Letters of Intent signed with other manufacturers totalling 4,000 tos of material and 750 million USD of projected revenue.

This latest round of funding will go towards the development of its technology and factories as Seurat seeks to turn those projected revenues into real ones.

“Our mission is to create a green manufacturing industry,” commented James DeMuth, co-founder and CEO of Seurat. “With our additive manufacturing technology, our print factories will provide our customers with clean manufacturing that can compete with the volumes, quality, and price points of traditional manufacturing. This new funding will enable Seurat to unlock our next phase of growth, deploy our new machines and scale our factory capacity to meet current demands.”

“Seurat’s potential to disrupt and decarbonize the traditional metal parts manufacturing industry is tremendous,” added Ion Yadigaroglu, Partner at Capricorn. “We have been impressed from the early days of the company by James and his team’s technical expertise and acumen to build a highly scalable business, with applicability across numerous industries. We are excited to participate in this round of funding, which will enable the company to ramp up production capabilities at greater scale and ultimately grow its client base.”

Joining the three aforementioned investors in this Series B round are Honda Motor, Cubit Capital, True Ventures, SIP Global Partners, Porsche Automobil Holding SE, Denso Global, General Motors Ventures, Maniv Mobility LP, and Xerox Ventures.

Read more: 

Get your FREE print subscription to TCT Magazine.

Exhibit at the UK's definitive and most influential 3D printing and additive manufacturing event, TCT 3Sixty.

Featured Additive Manufacturing & 3D Printing Insights