Beginning of this month — led by Foundry Group — the investment round includes participation from existing investors DFJ Growth, Pitango Venture Capital, and Pascal Cagni, bringing Formlabs’ total investment to date to $55 million.
The new investment will also enable operations to meet growing customer demand worldwide, grow R&D efforts, and to extend Formlab’s reach in the market ecosystem.
Max Lobovsky, co-founder and CEO of Formlabs said “Formlabs’ efforts over the years in introducing new materials and capabilities have defined the category of professional desktop 3D printing, resulting in significant growth for the company along the way. With the new investment, we’re excited to develop more powerful tools to enable anyone working with 3D content to create remarkable things. Formlabs will continue to grow the stereolithography business and bring new tools to the world to advance our goal of making digital fabrication more powerful and accessible.”
Brad Feld joins the board
Joining Formlabs’ board will be Brad Feld, co-founder of Foundry Group whose investments include MakerBot and Fitbit. An early stage investor and entrepreneur for over 20 years, Feld has been and was co-founder of Techstars.
“From the moment of its founding, Formlabs saw the opportunity in making professional desktop 3D printing accessible and was a key pioneer in the category,” said Brad Feld, co-founder of Foundry Group. “While the excitement and hype around consumer 3D printing has waned, the professional 3D printing category has had unabated demand, with Formlabs emerging as the leader in desktop 3D printing.”
Autodesk’s interest and investment in Formlabs is strategically aimed at collaboration on software integration and joint marketing efforts to improve digital design and manufacturing for product designers everywhere.
Continued global expansion
Pascal Cagni, former General Manager and Vice President of Europe for Apple, will be joining as a strategic advisor to help bolster Formlabs’ expansion efforts across the EMEA territory. Through an expanding network of distribution partners, Formlabs’ global reach now extends across five continents in Africa, Asia, Australia, Europe, and North America.
With rapid growth across all business fronts, Formlabs has seen 100 percent growth in annual sales for the third consecutive year and is shipping over 1,000 printers a month. Their printers are now the top-selling 3D stereolithography printers worldwide. Earlier this year they acquired Pinshape, the fast-growing 3D printing community online that hosts a flourishing marketplace of 3D designs.
Formulas now has over 190 employees across offices in North America, Europe, Asia and recently opened a location in Japan. To learn more about Formlabs go here.