Formlabs, a US-based 3D printing technology developer backed by design software developer Autodesk, has raised $15m in funding from venture capital firm New Enterprise Associates at a valuation of more than $1bn.
Founded in 2011, Formlabs develops and produces 3D printers, materials and software aimed at engineers, designers and manufacturers in industries such as education, dentistry, healthcare and jewellery.
The company also operates a marketplace called Pinshape that enables users to sell and buy designs. It originally emerged out of interdisciplinary research laboratory MIT Media Lab and its Center for Bits and Atoms.
The investment was announced alongside the appointment of Jeff Immelt, former chairman and chief executive of conglomerate General Electric, to Formlabs’ board of directors. Formlabs will use the capital to drive international growth and add new product lines.
The company has secured $100m in funding to date, $35m of which came in a 2016 series B round that included Autodesk and Foundry Group, which in turn followed $19m in series A funding from DFJ Growth, Pitango Venture Capital, Innovation Endeavors and various angel investors in 2013.
VC firm Tyche Partners led Formlabs’ $30m series C round in April 2018, participating together with Shenzhen Capital Group, the VC firm set up by the municipal government of Shenzhen, as well as DFJ, Pitango, Foundry Group and UpNorth Investments.
– The original version of this article appeared on our sister site, Global University Venturing.