Formlabs, a Somerville, MA-based designer and manufacturer of accessible 3D printing systems, raised $15m in funding.
New Enterprise Associates (NEA) made the investment which valued the company at over $1 billion and brought total funding raised to date to over $100m. In conjunction with the funding, Jeff Immelt, former chairman and CEO of the General Electric Company, joined the board of directors.
The company intends to use the funds to continue its global growth and expansion into more product lines.
Led by Max Lobovsky, co-founder and CEO, and Natan Linder, co-founder and chairman, Formlabs designs and manufactures accessible 3D printing systems for engineers, designers, and manufacturers around the globe, accelerating innovation in a variety of industries, including education, dentistry, healthcare, jewelry, and research. The company also develops its own suite of materials for 3D printing, as well as 3D printing software.
Products include the Form 2 SLA 3D printer, Fuse 1 SLS 3D printer, Form Cell manufacturing solution, and Pinshape marketplace of 3D designs.
Formlabs also has offices in Germany, Japan, and China with a total of more than 500 employees.