The 3D printer developer, spun out of MIT Media Lab, increased its overall funding to $85m in a series C round that will support growth in Asia.
Formlabs, a US-based 3D printing technology developer spun out of Massachusetts Institute of Technology (MIT), secured $30m yesterday in a series C round led by venture capital firm Tyche Partners.
Shenzhen Capital Group, the VC firm formed by the Chinese city of Shenzhen’s municipal government, also took part in the round, along with UpNorth Investment, DFJ, Pitango Venture Capital and Foundry Group. It took Formlabs’ total funding to $85m.
Spun out of the MIT Media Lab and Center for Bits and Atoms in 2011, Formlabs designs, developers and produces desktop 3D printing systems in addition to 3D printing materials and software for use in areas such as dentistry, education, healthcare, jewellery and research.
The series C capital will enable the company to expand its product range as it prepares to grow its business in Asia, and in particular China. It also intends to strengthen its presence in the US, Europe and Japan.
Max Lobovsky, Formlabs’ co-founder and chief executive, said: “We continue to push the boundaries of professional 3D printing and it has resulted in significant growth for the company.
“For many years, China has been catching up in manufacturing capabilities to the US and Europe, but recently it has matched or surpassed in many areas. Chinese manufacturers will be critical to figuring out how to adopt 3D printing into higher volume manufacturing applications.”
Formlabs raised approximately $20m from DFJ Growth, Pitango Venture Capital, Innovation Endeavors and various angel investors across two rounds, before adding $35m in series B funding from Autodesk and Foundry Group in 2016.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
