Formlabs Raises Series C Funding Led by Tyche Partners to Broaden Product Portfolio and Accelerate Global Expansion
SOMERVILLE, Mass., SHENZHEN and HANNOVER, April 23, 2018 – Formlabs, the designer and manufacturer of powerful and accessible 3D printing systems, today announced that it has raised $30 million in Series C funding led by Tyche Partners. This latest investment round includes participation from Shenzhen Capital Group and UpNorth Investment Limited, as well as existing investors DFJ, Pitango and Foundry Group. The Series C round brings the total investment to date to $85 million.
The investment will be used to broaden Formlabs’ product portfolio, and scale operations to meet increasing customer demand worldwide, particularly in China and Asia. Formlabs already has a strong established presence in the U.S. and European markets, with more than 300 employees in the U.S., 100 in Europe and employees in China and Japan. This next phase in growth will accelerate maturation in those markets.
“We continue to push the boundaries of professional 3D printing and it has resulted in significant growth for the company,” said Max Lobovsky, co-founder and CEO of Formlabs. “For many years, China has been catching up in manufacturing capabilities to the U.S. and Europe, but recently it has matched or surpassed in many areas. Chinese manufacturers will be critical to figuring out how to adopt 3D printing into higher volume manufacturing applications.”
“Formlabs is leading the transformation of the 3D printing industry and is dominating the desktop SLA market with the largest market share worldwide,” said Weijie Yun, Founding partner of Tyche Partners. “We’re excited to invest and participate in the growth of the company’s future as their product portfolio expands from SLA to SLS and penetrates the industrial 3D printer market.”
Formlabs has seen exceptional year-over-year growth. With 100 channel partners and resellers, shipping to six continents, Formlabs printers are the number one selling stereolithography printers worldwide. This announcement comes ahead of Formlabs’ headquarters expansion in Somerville, MA where it will soon be opening a new 18,000 square foot facility to add to its growing campus headquarters.
Formlabs designs and manufactures powerful and accessible 3D printing systems. Headquartered in Boston with offices in Germany, Japan, and China, the company was founded in 2011 by a team of engineers and designers from the MIT Media Lab and Center for Bits and Atoms. Formlabs is establishing the industry benchmark for professional 3D printing for engineers, designers, and manufacturers around the globe, and accelerating innovation in a variety of industries, including education, dentistry, healthcare, jewelry, and research. Formlabs products include the Form 2 SLA 3D printer, Fuse 1 SLS 3D printer, Form Cell manufacturing solution, and Pinshape marketplace of 3D designs. Formlabs also develops its own suite of high-performance materials for 3D printing, as well as best-in-class 3D printing software.