Formlabs Raises $19M in Series A Financing
Formlabs, the Somerville, Massachusetts-based company that designs and manufactures the Form 1 3D printer, raised $19m in Series A financing.
The round was led by DFJ Growth, with participation from Pitango Venture Capital, Innovation Endeavors and returning angel investors. In conjunction with the funding, DFJ Growth Managing Director Barry Schuler, will join Formlabs’ board.
This institutional financing followed a Kickstarter campaign, in which the company had raised $2.95m from thousands of backers in 35 countries and shipped over 900 printers .
Formlabs intends to use the funds to expand its product, design, and research teams, while growing its marketing and customer support capabilities internationally.
Founded in 2011 by a trio of engineers and designers from the MIT Media Lab, including Maxim Lobovsky, The company designs and manufactures digital fabrication tools for designers, engineers, and artists. Its Form 1 3D printer uses stereolithography technology to allow users to print parts with complex geometries and detail necessary for professional quality design and digital fabrication.
Formlabs is also expected to announce PreForm 1.0, a 3D-printing software which allows novice to professional to print 3D models.