Stanford University has scored an exit after photosensitive polymer-based 3D printing business Origin agreed to a $100m acquisition.
Origin, a US-based parts printing technology provider backed by Stanford University, has agreed to an up to $100m acquisition by additive manufacturing firm Stratasys.
Origin’s shareholders will receive $60m in cash and Stratasys shares once the deal closes next month, plus a further $40m for performance-based milestones over the next three years.
The $100m total figure will be made up of $45m in stock and $55m in cash, and Stratasys will pay at least $32m in cash once the deal closes.
Founded in 2015, Origin has devised 3D printing hardware and software that exploits liquid photosensitive polymer resins to design and manufacture parts for mass-produced goods.
Origin’s technology, Programmable PhotoPolymerization (P3), molds resins into the user’s intended dimensions by manipulating light, heat and force.
Stratasys will take on Origin’s team to distribute P3 to its customers from mid-2021. It aims to build market share in 3D printing verticals such as consumer goods, defence, industrial and dental.
Venture capital firm DCM led a $10m series A round for Origin when it emerged from stealth in late 2018, adding to a $2.3m seed round it had already raised from Stanford, Floodgate, private investor Joe Montana and undisclosed backers.
Consumer electronics firm TDK’s corporate venturing arm TDK Ventures, Mandra Capital, Haystack Capital and private investor Tim O’Reilly have all been identified as investors, but it is unclear when exactly they invested.
