VELO3D, one of our favorite superalloy metal printing companies, is GOING PUBLIC!
Check out all the links to the full articles on our blog post here: https://visionminer.com/blogs/news
They also got an SPAC merger, this time with JAWS. Yep. Sounds cool, is cool.
Velo3D has been raising significant funding recently, and is the only new-entry Western metal powderbed fusion manufacturer to make it all the way into the mainstream, where current industry leaders like GE Additive, 3D Systems, EOS and SLM Solutions dominate the market.
Since launching commercially in the fourth quarter of 2018, they've already worked with customers including SpaceX, Honeywell, Boom Supersonic, Chromalloy and Lam Research -- looks like we share a lot of the same customers here at Vision Miner... but we focus mostly on performance polymers, and metal replacements.
Anyway, these are the guys that do the Inconel, titanium, even aluminum -- and one of their claims to fame is their SupportFree printing process -- overhangs in metal are a big deal, and supports have to be ground, smashed, or cut off with other processes, whereas Velo can print down to 10 degree overhangs without any supports. Below 10 degrees, you'll need support, most of the time, but this is HUGE compared to the industry standard of 30-60 degrees. And if you have a plane printing with more than one wall constraining it, you can actually do some ZERO degree overhangs.
Metal 3D printing usually starts out on a metal build plate. When the print is finished they actually cut the parts off the build plate, usually with a wire EDM system or bandsaw. It's printed on the plate because metal loves to warp when it’s heated it up. When it’s warping it’s moving around it changes shape and this is actually what supports are actually used for, most of the time -- to keep parts down to the build plate, not to support the weight of the part itself, like in consumer FDM printing.
One video shocked the industry a few years ago, and that was Velo3D pulling miniature concord airplane models directly out of a powder printer. The ability to print metals not attached to the plate is a HUGE deal.
So, with all these technological advancements going for them, it's no surprise they're getting scooped up by Jaws Spitfire Acquisition Corp. Upon completion of the transaction, which is expected to occur in the second half of 2021, the combined company will operate as VELO3D and will be listed on the New York Stock Exchange under the new ticker symbol VLD.
Investors included Piva, the venture capital investment arm of Malaysia’s Petronas; Taiyo Nippon Sanso Corp.; Bessemer Venture Partners; Playground and Khosla Ventures. Velo3D said at the time the fresh capital will help it “reach sustainable profitability by mid-2022.”
Jaws Spitfire, led by Sternlicht as chairman and CEO Matthew Walters, raised $345 million in a December initial public offering and said it expects to focus on growth-oriented consumer-technology and related businesses. Tennis legend Serena Williams is on the board.
“Cheap” way to go public until a short time ago, they have been booming recently, after Desktop Metal became the first 3D printing company to announce such a deal and proving it could work well to raise capital and rapidly implement an expansion strategy. It was followed in this by its fiercest competitor, Markforged, and by a number of other companies active in segments, such as 3D printing and the space industry, that more and more people now expect could rapidly evolve into big opportunities as the entire World goes through a covid-crisis-accelerated change in global supply chains and businesses.
The transaction values the combined company at an enterprise value of approximately $1.6 billion, at the $10.00 per share PIPE subscription price and assuming no public shareholders of JAWS Spitfire exercise their redemption rights.
After the smoke clears, VELO3D will be not only publicly traded, but also have $470M in cash reserves with which they will be able to do many things.
Anyway, go leave a comment and let us know what you thought of this video, news stories you thought were cool, or, of course, another funny comment!
At Vision Miner, we specialize in Functional 3D printing, especially high-performance plastics like PEEK, ULTEM, PPSU, PPS, CFPA, and more. If you're interested in using functional 3D printing and materials in your business, feel free to reach out, and we can help you make the right choice for your application.
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