Formlabs announced it has raised $15 million in funding from global venture capital firm New Enterprise Associates (NEA), valuing the company at over $1 billion and bringing total raised funding to date to over $100 million. The company has also announced the appointment of Jeff Immelt, former chairman and CEO of the General Electric Company, to its board of directors.
The company has already achieved significant milestones, including profitable operations with an annual revenue run rate exceeding $100m after five consecutive years of averaging close to 100% growth and more than 500 employees with offices in North America, Europe, and Asia.
"We’re thrilled to have Jeff join the board,” said Max Lobovsky, co-founder and CEO of Formlabs. “Advancing the use and development of advanced manufacturing technologies across a variety of industries is a signature achievement of his tenure at GE, and his depth of expertise will be invaluable to our business. With Jeff’s appointment and this latest round of funding from NEA, Formlabs will be well positioned to continue its global growth and expansion into more product lines.”
“I’m excited to work with Formlabs at this pivotal time in the company’s development,” said Immelt. “Max and the team have demonstrated outstanding progress to date, with best-in-class technology and impressive momentum across a wide swath of industries, including engineering, healthcare and manufacturing. Since the company’s founding in 2011, they have outpaced competitors and established themselves as a leader in 3D printing. I look forward to supporting this next phase for the company as they accelerate adoption and continue to advance the technology.”
“We have been tracking Formlabs as their printers have expanded from individual usage to enterprise usage and now they are driving the production of a wide array of end use polymer based parts,” said NEA partner Dayna Grayson, who led the firm’s investment in Formlabs. “The leadership team has executed flawlessly at each stage, and we’re excited to support the growth of this phenomenal company as we enter a new era in manufacturing - one in which scaled processes like mass customization are finally possible.”
Digital manufacturing is a growing area of focus for NEA, alongside key enabling technologies like machine learning, robotics, and connected devices. Building on a 40-year track record of investing early in seminal technology shifts like SaaS and open source and helping to build industry leading companies like MuleSoft, Tableau Software and Workday, NEA believes that the industrial transformation underway is poised to accelerate and will produce a new generation of technology leaders. Grayson is spearheading the firm’s activities in digital manufacturing with investments in Desktop Metal, OnShape, Tulip and Upskill.
“We’re excited to have the support of Dayna and the entire team at NEA, and to welcome Jeff to our board,” said Natan Linder, co-founder and chairman of Formlabs. “Jeff’s knowledge of the industrial market, broad relationships, and four decades of global company building expertise will be an asset as we build on our rapid growth and look toward global markets like China."