Formlabs yesterday announced that it has raised a $150 million Series E led by SoftBank Vision Fund 2, doubling its valuation to $2 billion. The Somerville, Mass.-based company said it will use the funds to continue to grow its portfolio of 3D printing technologies and grow its team across its offices in Germany, Japan, China, Singapore, Hungary, and North Carolina.
“The industry is undergoing a renaissance, and Formlabs is leading the way,” stated Max Lobovsky, co-founder and CEO of Formlabs. “The 3D printing industry market size is expected to reach $51.77 billion by 2026, and Formlabs is the company to drive this growth forward. Where others have promised printers capable of mass production and end-use quality parts, Formlabs has delivered.”
Formlabs said it “is on a mission to expand access to digital fabrication, so anyone can make anything.” The company offers stereolithography (SLA) and selective laser sintering (SLS) 3D printers and claims to be the No. 1 seller of professional-grade 3D printers worldwide.
Range of 3D printers and materials grows
Formlabs' products include the Form 3, Form 3B, Form 3L, and Form 3BL printers, which use an advanced form of stereolithography (SLA) called Low Force Stereolithography (LFS) 3D printing. It also sells Form Wash and Form Cure post-processing solutions, the Form Cell manufacturing solution, and the Fuse 1 SLS 3D. The company described the Fuse 1 as “the world’s first benchtop SLS printer.”
In addition, Formlabs has developed new high-performance materials such as BioMed Clear Resin and Rigid 10K, as well as its own 3D printing software.
Through its Factory Solutions offering for industrial users, the company said it provides manufacturers with the flexibility and versatility needed for demanding, evolving industrial applications.
“Today, most 3D printing technology is still too expensive and difficult to use for widespread adoption,” said Lobovsky. “Our laser focus on improving the user experience and quality of these machines while bringing down the cost is central to our success and the growth of the industry. With this investment, we plan to expand our current portfolio of SLA and SLS technology and accelerate our product development to continue delivering on the expectations of the 3D printing industry.”
Formlabs enables healthcare, other industries
Formlabs said it supplies users across the healthcare, dental, manufacturing, engineering, education, jewelry, audio and entertainment industries to increase the speed of innovation and cut costs. To date, the company said its users have printed more than 85 million parts, including tens of millions of nasopharyngeal swabs used on the frontlines of the COVID-19 pandemic.
Parts made on Formlabs printers can be found in the operating room, dentist chair, automobiles, and footwear. Organizations including Ashley Furniture, Sennheiser, Google, the Mayo Clinic, Northwell Health, and New Balance use Formlabs printers to develop, prototype, and manufacture end-use consumer goods at scale.
With its latest funding, Formlabs said its 3D printing offerings will further advance mass customization to enable everything from more personalized healthcare to custom headphones and more.
SoftBank investors to join Formlabs board
“We’re incredibly excited to work with SoftBank Vision Fund 2 to help build Formlabs’ next chapter and continue delivering the industry’s most accessible 3D printing technology for everything from prototyping to production,” said Natan Linder, co-founder and chairman of the board at Formlabs. “SoftBank has a long history of supporting innovative hardware companies as they scale, expand globally and enter the public markets without slowing innovation. This round helps us continue to build the industry’s most sustainable business and maintain our innovation pace while preparing the company for the next stage of growth.”
Deep Nishar, senior managing partner at SoftBank Investment Advisers, will also join Formlabs’ board. Kirthiga Reddy, an investment partner at SoftBank Investment Advisers, will be joining as a board observer. Nishar and Reddy currently serve on several public and private company boards.
“We believe the 3D printing industry is currently standing at the precipice of unprecedented growth and is transforming the way products are made,” said Nishar.
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