Formlabs, a startup that provides 3D printing services, has raised an additional $30 million in Series C funding. This funding round was led by Tyche Partners and also included participation from Shenzhen Capital Group and UpNorth Investment Limited. It also saw participation from existing investors such as DFJ, Pitango, and Foundry Group. After having completed this round of successful fundraising, the valuation of the Massachusetts based company is now $85 million.
Formlabs has stated that the additional funding will be used to expand the product portfolio. They will also be investing to increase operations to meet growing demands of customers across the globe, particularly in China and Asia. The company has a strong presence in the U.S. and European regions, with a headcount of over 300 in the US and around 100 in Europe. As part of their next phase, Formlabs will focus on market acceleration and maturation.
Speaking on the occasion, CEO and Co-Founder, Max Lobovsky, said, “For many years, China has been catching up in manufacturing capabilities to the U.S. 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.”
Founding partner of Tyche Partners, Weije Yun commented, stating, “Formlabs is leading the transformation of the 3D printing industry and is dominating the desktop SLA market with the largest market share worldwide.”
Beyond this announcement, the company is also planning to expand its office in Somerville, MA, where it is setting up an 18,000 square foot facility in its headquarters.