It’s been a lucrative year so far for Formlabs, which raised $30 million in Series C funding earlier this year and announced that it planned to expand further around the world. Now the company has announced that it has raised an additional $15 million from global venture capital firm New Enterprise Associates (NEA), bringing its total value to more than $1 billion and the amount of money it has raised to over $100 million. Formlabs has also announced that Jeff Immelt, former chairman and CEO of GE, has been appointed 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.”
This year marks five consecutive years of close to 100% growth on average for Formlabs, which has earned the distinction of being the number one seller of stereolithography (SLA) 3D printers in the world. The company now has more than 500 employees working in its offices across North America, Europe and Asia.
“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.”
NEA is increasing its focus on digital manufacturing, in addition to technologies such as 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.”
For 40 years, NEA has been investing in technology shifts such as SaaS and open source technology, backing successful companies like MuleSoft, Tableau Software and Workday. Under the leadership of Grayson, NEA has also invested in other promising digital manufacturing companies such as 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.”
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