Another 3D printing Unicorn, Formlabs reaches $1 billion valuation, adds former GE CEO to board

SLA and SLS 3D printer developer and manufacturer Formlabs announced that it has raised a further $15 million in funding, attaining a $1 billion valuation.

The round was led by technology and healthcare venture capital firm New Enterprise Associates (NEA), and brings the company’s total money raised to date to over $100 million confirmed a Formlabs’ spokesperson to 3D Printing Industry.

The Formlabs Form 2 3D printer. Photo by Michael Petch.
The Formlabs Form 2 3D printer. Photo by Michael Petch.

Dayna Grayson, who led NEA’s investment in Formlabs, comments, “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,”

“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.”

Recent activity at Formlabs

Prior to this round, Formlabs closed $30 million in Series C funding to help finance its expansion in China and Asia-Pacific regions. In Series A and Series B Carl Bass, former CEO and current board member at Autodesk had been a consistent investor.

The company has also been continually expanding its product range. Most recently, it released the compact Fuse 1 SLS 3D printer and the Form Cell platform made to automatically serve the award winning Form 2 machine.

The Form Cell configuration. Photo via Formlabs
The Form Cell configuration. Photo via Formlabs

Immelt joins the board

In this latest Series D round, Jeff Immelt has joined Formlabs’ board of directors. Former chairman and CEO of GE (until 2017) Immelt also sits on the board of Desktop Metal.

Commenting on his appointment, Immelt says, “I’m excited to work with Formlabs at this pivotal time in the company’s development,”

“Max [Formlabs Co-founder and CEO] 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.”

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Featured image shows a ski mask 3D printed on the Fuse 1 3D printer. Photo via Formlabs