- Digital manufacturing company VELO3D announced it raised $28 million in Series D funding
Digital manufacturing company VELO3D announced it raised $28 million in Series D funding. New investors Piva and TNSC joined the round and existing investors Bessemer Venture Partners, Playground, and Khosla Ventures also joined the round. Including this round of funding, the company has raised a total of $138 million.
VELO3D plans to use the funding to expand its product portfolio to include more machine options, compatible alloys, and enhanced software and hardware capabilities. And the company anticipates that the funding will help them reach sustainable profitability by mid-2022.
Piva was the largest investor in the new round and has a strong heritage in industrial markets as they are backed by Malaysia-based energy giant PETRONAS.
Launched in 2015, VELO3D operated in stealth mode for the first 4 years. After that, the company announced availability of the Sapphire printer in 2019. And in the first year of commercialization, VELO3D generated nearly $30 million in sales and gained seven new customers, many of which have placed repeat orders. Plus VELO3D now has a global customer footprint that includes Japan, Korea, and Australia.
Key Quotes:
“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. 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 founder and CEO Benny Buller
“VELO3D is revolutionizing the way we think about advanced manufacturing today. 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.”
-Ricardo Angel, CEO and Managing Partner at Piva
