Piva, a venture capital firm investing on behalf of oil and gas supplier Petronas, led a $28m series D round yesterday for Velo3D, a US-based developer of metal additive manufacturing technology.
Industrial gas producer Taiyo Nippon Sanso Corporation (TNSC) also took part in the round, as did venture capital firms Bessemer Venture Partners (BVP), Playground Global and Khosla Ventures.
Velo3D has developed a 3D metal printer called Sapphire, a pre-print software platform dubbed Flow and quality management software under the name of Assure. The products are aimed at clients in sectors such as oil and gas, aerospace and power generation.
The series D funding will allow the company to expand its offering to include additional machine options and compatible alloys. It will also further develop its software and hardware as it targets sustainable profitability by mid-2022.
Piva CEO Ricardo Angel said: “We have been impressed by [Velo3D founder and CEO Benny Buller], 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.”
The company emerged from stealth in 2019 and said it has now raised a total of $138m since it was founded in 2015.
Velo3D disclosed $22.1m in funding in a 2015 regulatory filing and named BVP, Playground Global and Khosla as existing shareholders this week. GCV had previously also identified Formation 8 as an investor.
