Watertown, Massachusetts-based Markforged, a manufacturer of industrial 3D printers, announced it raised $82 million in Series D funding led by Summit Partners. Existing strategic and financial partners such as Matrix Partners; M12 (Microsoft’s venture fund) Next47, and Porsche SE participated in this round.
Markforged will be using the funding to accelerate its product roadmap, including the introduction of mass production printers and new materials. And the funding will be used for enhancing the company’s global expansion plans and strengthen its foothold among global manufacturers.
“Markforged set out to change the pace of human innovation by enabling engineers, inventors and manufacturers to print industrial-grade parts at a fraction of the time and cost of traditional methods,” said Markforged co-founder and CEO Greg Mark. “We’re very excited to have Summit join us as we help accelerate the next industrial revolution with broadly accessible and reliable 3D printing.”
The founding of Markforged in 2013 created a turning point in additive manufacturing as it made the printing of high-strength parts more affordable for companies. Prior to the launch of Markforged, businesses had to choose between million dollar 3D printing systems or less expensive printers that produce weak plastic parts. For the first time in the history of manufacturing, it is now more economical to print numerous metal and carbon fiber parts than to produce those parts through legacy means.
“We have been actively monitoring the additive manufacturing market for the last decade and are excited to partner with the Markforged team,” added Summit Partners managing director Michael Medici — who is joining the company’s board of directors. “Markforged has been quietly executing at an incredible pace for the last five years, delivering exceptional products that solve real-world industrial manufacturing needs. Greg and his team are focused on continued product innovation, and we believe the best is yet to come for Markforged and its customers.”
In terms of accolades, Markforged was named by Deloitte as the 10th fastest growing technology company in North America. And Forbes added the company to its Next Billion-Dollar Startup list.
Last year, Markforged shipped over 2,500 industrial printers — which makes it one of the largest additive manufacturing companies in the industry. And Markforged now serves customers in over 50 countries. Plus Markforged has filed for 133 patents and was issued 38 already.
