Product portfolio will expand to deliver more machine options and compatible alloys to 3D print mission-critical metal parts for industrial applications
Contacts
VELO3D: Lynn Manning team@parkergroup.com
CAMPBELL, Calif.--(-Thursday 30 April 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Digital manufacturing innovator VELO3D announced today that it has raised $28 million in a Series D funding round. New investors Piva
and TNSC joined the round, along with existing investors Bessemer
Venture Partners, Playground, and Khosla Ventures. This brings VELO3D’s
total funding to $138 million.
“With the
VELO3D integrated solution of Flow™ advanced pre-print software,
Sapphire™ printer, and Assure™ quality management software, companies
can finally break free of the constraints of existing metal additive
manufacturing processes,” states Benny Buller, Founder and CEO of
VELO3D. “Customers in industries such as aerospace, oil & gas, and
power generation are now able to achieve part quality for their
mission-critical applications with performance levels that weren’t
possible before with 3D metal printing.”
VELO3D plans
to use the new capital to expand its product portfolio to include more
machine options, compatible alloys, and enhanced software and hardware
capabilities. The company anticipates that the injection of fresh
capital will help them reach sustainable profitability by mid-2022.
Piva is the
largest investor in the new round and has a strong heritage in
industrial markets, as they are backed by Malaysia-based PETRONAS, one
of the world’s largest energy companies.
“VELO3D is
revolutionizing the way we think about advanced manufacturing today,”
said Ricardo Angel, CEO and Managing Partner at Piva. “We have been
impressed by Benny, the team and their breakthrough technology that will
have a significant impact on the efficient design and manufacturing of
more complex components, previously unattainable, with clear commercial
traction already in the aerospace and aviation markets. VELO3D will lead
a new wave of more resilient, distributed manufacturing capabilities
for its most critical components, which the world will need to ensure
local product availability and timeliness, while mitigating potential
future worldwide disruptions.”
Founded in
2015, VELO3D operated in stealth mode for the first 4 years, then
announced availability of the Sapphire printer in 2019. In that first
year of commercialization, VELO3D generated nearly $30 million in sales
and gained seven new customers, many of which have placed repeat orders.
VELO3D now has a global customer footprint that includes Japan, Korea,
and Australia.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200428005135/en/
Contacts
VELO3D: Lynn Manning team@parkergroup.com
