Additive manufacturing Uniformity Labs has raised $38.4m to advance additive manufacturing technology developed at Princeton University.
Uniformity Labs, a US-based additive manufacturing spinout of Princeton University, closed a $38.4m series B round yesterday backed by investment firm Orion Resource Partners.
The round featured both new and existing financial and strategic backers, though only Orion was named.
Founded in 2014, Uniformity Labs is working on feedstock materials and software for mainstream 3D printers that can reduce costs while increasing speed and bolstering quality. Its technology is based on research by Prof Sal Torquato and then-PhD candidate Adam Hopkins.
The money will allow Uniformity Labs to expand its production capability, develop additional materials and support recruitment activities, particularly across sales and marketing.
Uniformity Labs secured $4.1m in funding from IP Group’s US subsidiary (IP Group Inc) in 2017.
IP Group was identified as the founding investor in Uniformity’s latest announcement, suggesting the $1.3m raised in 2016, according to a regulatory filing, may have also come from the firm.
Another securities document shows Uniformity Labs raised $4.2m in equity and options in 2018.
Michael Burychka, chief executive of IP Group Inc, said: “Uniformity Labs is an excellent example of our focus on supporting the commercial development of innovative hard science from premier research institutions like Princeton.”
