Professional SLA printer manufacturer Formlabs recently raised $150 million in Series E funding, which has doubled its valuation to $2 billion USD! The company said that it will utilize the funds to grow its portfolio of additive manufacturing technologies, enabling greater manufacturing abilities and customization, as well as to grow its team across its seven offices.
In case you’ve never heard of this company, they specialize in prosumer and professional grade SLA printers with recent expansions into SLS with their Fuse 1 printer. Their printers have been used in numerous industries from healthcare, dental, manufacturing, engineering, education, jewelry, audio, and event entertainment industry. To date, Formlabs users have printed more than 85 million parts. Parts made on Formlabs printers can be found just about everywhere from the operating room, dentist chair, your car, and your shoes, with companies like Ashley Furniture, Sennheiser, Google, Mayo Clinic, Northwell Health, and New Balance trusting Formlabs printers for both prototyping and end use parts manufacturing at scale.
“The industry is undergoing a renaissance and Formlabs is leading the way. The AM industry market size is expected to reach $51.77 billion by 2026 -- Where others have promised printers capable of mass production and end-use quality parts, the company has delivered,” said Max Lobovsky, CEO and co-founder of Formlabs. “Today, most 3D printing technology is still too expensive and difficult to use for widespread adoption. Our laser focuses on improving the user experience and quality of these machines while bringing down the cost ---- With this investment, we plan to expand our current portfolio of SLA and SLS technology and accelerate our product development to continue delivering on the expectations of the AM industry”.
Lobovsky also mentioned that despite multiple offers to go public through SPAC deals, he has no intentions of taking Formlabs public. “Even though we’re larger than a number of public 3D printing companies, we still felt that we should be larger and more mature before we consider going public,” he said. “This round definitely lets us take our time and get ready to be an excellent public company.” Quite an interesting take considering the number of companies we’ve seen go public in just the first half of this year. What do you think? Would you like to be able to invest in Formlabs? Or are they taking the right path?
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