Seurat Technologies – a 3D metal printing leader making manufacturing better for people and the planet – recently announced a $99 million Series C round led by NVentures (NVIDIA’s venture capital arm) and Capricorn’s Technology Impact Fund focused on climate solutions. And Seurat’s latest funding round includes participation from new investors Honda Motor and Cubit Capital, and others as well as participation from previous investors True Ventures, SIP Global Partners, Porsche Automobil Holding SE, Denso Global, General Motors Ventures, Maniv Mobility LP, and Xerox Ventures.
Manufacturing is known as one of the most significant contributors to greenhouse gas emissions, responsible for 31% of emissions in the US. And the current manufacturing processes take too long, prevent innovation, contribute to climate change, and stretch supply chains and offshore jobs. However, the Biden Administration’s historic investments in green manufacturing and $6 billion commitment to cut industrial emissions have brought this issue to the forefront.
Built with 100% green energy, Seurat is reinventing and reshoring manufacturing with its Area Printing technology developed at Lawrence Livermore National Laboratory. And this 3D metal printing technology delivers high-precision, high-volume, decarbonized manufacturing – which Seurat anticipates will potentially directly mitigate as much as 100 million tons of carbon dioxide by 2030.
Seurat is planning to deploy printing factories at or near customer sites around the world, enabling parts to be produced in closer proximity to where they are needed while reshoring supply chains and reducing emissions from transportation and global logistics.
Seurat’s pilot factory in the Greater Boston area will be able to produce more than 25 tons of metal parts annually and is already oversubscribed. And Seurat also has commitments to develop 59 tons of additively manufactured metal components for Siemens Energy turbines over six years for parts meeting the material qualification requirements. Overall, Seurat has LOIs from six customers totaling 4,000 tons of material and over $750 million in projected revenue over the next several years. This business growth showcases the demand for change in the manufacturing status quo.
Seurat has more than 275 patents and trademarks, granted and pending.
KEY QUOTES:
“Our mission is to create a green manufacturing industry. With our additive manufacturing technology, our print factories will provide our customers with clean manufacturing that can compete with the volumes, quality, and price points of traditional manufacturing. This new funding will enable Seurat to unlock our next phase of growth, deploy our new machines and scale our factory capacity to meet current demands.”
— James DeMuth, co-founder and CEO of Seurat
“Seurat’s potential to disrupt and decarbonize the traditional metal parts manufacturing industry is tremendous. We have been impressed from the early days of the company by James and his team’s technical expertise and acumen to build a highly scalable business, with applicability across numerous industries. We are excited to participate in this round of funding, which will enable the company to ramp up production capabilities at greater scale and ultimately grow its client base.”
— Ion Yadigaroglu, Partner at Capricorn
“Accelerated computing is unlocking new capabilities within the manufacturing industry, while creating a path toward sustainability. Seurat’s green approach to manufacturing will help transform industry standards.”
— Mohamed “Sid” Siddeek, corporate vice president and head of NVentures
“Seurat has an innovative concept and technologies for metal additive manufacturing, and Honda has high expectations for their future potential. The metal additive manufacturing technology will enable the enhancement of the value of products through innovative design, and as Honda strives to create the joy and freedom of mobility, we envision that this technology will be necessary for us. Honda will continue to search for, collaborate with and invest in companies with a promising future through our global open innovation program – Honda Xcelerator Ventures.”
— Manabu Ozawa, Managing Executive Officer of Honda Motor Co., Ltd.
