Velo3D, a US-based metal printer manufacturer that counts oil and gas provider Petronas and industrial gas producer Taiyo Nippon Sanso Corporation (TNSC) as investors, agreed a reverse takeover on Tuesday.
The company is merging with Jaws Spitfire Acquisition Corporation, a special purpose acquisition company listed on the New York Stock Exchange, having floated in a $300m initial public offering in December 2020.
The deal gives the company a pro forma enterprise value of $1.6bn and will be supported by a $155m private placement featuring Baron Capital Group and Hedosophia.
Founded in 2015, Velo3D has developed a metal 3D printer in addition to software and process-control technology, for use in manufacturing components for products such as space rockets, jet engines and fuel delivery systems.
The company had raised a total of $138m as of a $28m series D round in April 2020 led by Petronas vehicle Piva that included TNSC and existing backers Bessemer Venture Partners, Playground Global and Khosla Ventures. Its earlier investors include Formation 8.
Benny Buller, founder and CEO of Velo3D, said: “Velo3D partners with the world’s most innovative companies leading the future of space travel, transportation and energy. I am proud that such visionary partners continue to trust Velo3D to build products through methods that were previously impossible.
“With Jaws Spitfire’s long-term partnership, we expect to extend the reach of Velo3D’s technology and bring its solutions to even more customers globally. As we scale our business and advance our growth strategy, we expect to expand the high-value metal additive manufacturing market and strengthen our competitive position.”
Photo courtesy of Velo3D.
