Formlabs Closes on Funding Round from NEA Bringing Valuation over One Billion and Names Jeff Immelt to Board of Directors
SOMERVILLE, Mass., Aug. 01, 2018 – Formlabs, the designer and manufacturer of powerful and accessible 3D printing systems, today announced it has raised $15 million in funding from global venture capital firm New Enterprise Associates (NEA), valuing the company at over $1 billion and bringing total raised funding to date to over $100 million. The company has also announced the appointment of Jeff Immelt, former chairman and CEO of the General Electric Company, to its board of directors.
"We’re thrilled to have Jeff join the board,” said Max Lobovsky, co-founder and CEO of Formlabs. “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.”
The company has already achieved significant milestones, including;
Number one seller of stereolithography 3D printers worldwide.
Profitable operations with an annual revenue run rate exceeding $100m after five consecutive years of averaging close to 100% growth.
Expansion in China and other Asia-Pacific markets with Series C funding announced earlier this year.
More than 500 employees with offices in North America, Europe, and Asia.
A growing customer base of innovators in their respective fields, from large global enterprises to small businesses (some of which can be seen here).
“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.”
“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.”
Digital manufacturing is a growing area of focus for NEA, alongside key enabling technologies like machine learning, robotics, and connected devices. Building on a 40-year track record of investing early in seminal technology shifts like SaaS and open source and helping to build industry leading companies like MuleSoft, Tableau Software and Workday, NEA believes that the industrial transformation underway is poised to accelerate and will produce a new generation of technology leaders. Grayson is spearheading the firm’s activities in digital manufacturing with investments in Desktop Metal, OnShape, Tulip and Upskill.
“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."
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.