Formlabs is doing a management shuffle, pointing the firm even more surely towards an IPO or other exit event. For one, I just noticed that the company has a Head of Investor Relations which is a totally public company thing to do, and something that startups and other firms don’t have. Now the company is doing more shuffling, and has added Dan Riccio as a strategic advisor. This will be very helpful since he was the former Mechanical Engineering Manager at Compaq, Director of Product Design at Apple, and SVP Hardware Engineering and VP Engineering at Apple as well. His vast experience in hardware, design, and consumer electronics should be a real asset to the firm.
Natan Liner is leaving the firm and no longer Chairman of the Board, but an advisor. This is probably a question of bringing on more outside board members. Natan was instrumental in the early days of Formlabs and also founded successful operations firm Tulip. His energy and wisdom will be missed I think. Rob Willet, the experienced Cognex executive, will remain on the board and is investing more in the firm. Instead of Natan, CEO Max Lobovsky is now Chairman of the Board. Meanwhile, Dávid Lakatos, a real force at the firm in the scaling stage, has become President and a member of the Board of Directors. Board member and former Amazon exec Nadia Shouraboura will become Lead Director.
Generally not a week goes by before someone tells me that either Formlabs will sell to Bambu or that the firm will go public in China or the US. The general feeling is that the company will eminently go public. An IPO in China seems logical since valuations are higher there. But, the global economy is in turmoil, and the Chinese economy is in effect collapsing. So the firm will either have to be very fast or very patient. I’m betting on the former.
Stereolithography 3D Printing: From the 1980s to Now.
Lobovsky said,
“Dan spent a career building some of the most beloved hardware products in the world, at an enormous scale, and he did it by obsessing over details most executives don’t care about- As we scale Formlabs into the next generation of manufacturing hardware, learning from Dan is going to make our team stronger and our products better. We’re thrilled to have him as an advisor and as an investor in what we’re building.”
Having worked on the iPad, Mac, and iPhone, there are few who know so much about managing big engineering teams, socializing technology, and designing for use by the many. Riccio is sure to be a asset, and the firm says he “will advise Formlabs’ leadership team on product development, design rigor, and operational scaling as the company expands its footprint in industrial and professional 3D printing.”
Riccio stated,
“Formlabs has quietly built one of the most complete hardware, software, and materials platforms I’ve seen outside of a handful of the world’s best consumer companies. The attention to detail in how these systems are engineered, and the ambition to make industrial-grade manufacturing accessible, is exactly the kind of problem I want to spend my time on. I’m excited to invest in that vision and to work with the team as they build it out.”
About Liner leaving the firm and the elevation of Lakatos, Lobovsky stated,
“Natan joined me in founding this company, betting on the idea and betting on me before almost anyone else. He has contributed in many ways as a cofounder and board member and will continue to contribute as an advisor. Dávid joined just a couple of years into the history of the company, and I think of him as a co-founder as well. He has been instrumental in building almost every aspect of the company across almost every product and development of our long-term strategy.”
Drone made with Formlabs Tough 2000 V2 resin.
The company seems intent on engaging in some kind of exit event soon. I’m still not sure what I would do if I were them. The most obvious option is a listing in China, but they could also merge with a Chinese vendor for example, or sell themselves to someone. It looks like they’re preparing for the long haul though. Along with the successful Creality IPO and continued growth of Bambu, Formlabs’ health is a key bellwether for the industry. We’ll be back on track in the eyes of many if Formlabs goes public successfully. It seems that they will not lack the experience in their teams to do so.
Images courtesy of Formlabs