FormLabs Announces $19 Million Funding Round “To Disrupt 3D Printing”
It seems the current name of the game is full on disruption, what with Arburg and now HP throwing their hats into the 3D printing industry ring. One company that has form when it comes to upsetting the apple cart, and has been doing it since its record crowd-funding round just over a year ago is FormLabs. The company brought to market a low-cost, highly functioning SL 3D printer and has shipped in the region of 900 units in its first year.
Lots of people are really quite happy about it, a few aren’t.
Now though, as FormLabs announces a further funding round — $19 million worth — it looks as though they have the backing to keep on disrupting the status quo. The company has revealed that it has secured the $19M in Series A financing today and that DFJ Growth led the round, joined by Pitango Venture Capital, Innovation Endeavors and many returning angel investors.
The plan is to use this new capital injection to expand its worldclass product, design, and research teams, while growing its marketing and customer support capabilities internationally.
According to FormLabs cofounder Maxim Lobovsky: “There is still a wide open space in front of us to continue innovating and bringing incredible new products to the market; with these new resources, we’ll be able to continue to push the envelope, making extraordinary new tools available around the world. The group we’re putting together to get here is the most creative and passionate team working in 3D printing and I’m personally excited about using this new investment to grow our team and take digital fabrication to the next level.
There’s no denying that Formlabs has seen tremendous growth in the last year and the company is now expanding into an 11,000 squarefoot facility in Somerville, Massachusetts where they are planning on using “every inch.”
Apparently, there are other big plans afoot too and these include ‘announcing PreForm 1.0 soon’, and FormLabs considers this to be “a milestone in the development of its easy-to-use, powerful 3Dprinting software.”
The fun just keeps on coming!