Formlabs secures Series B funding from Foundry Group and Autodesk.
Formlabs has announced it has raised $35 million in Series B funding from Foundry Group and Autodesk to scale up its worldwide operations and increase R&D efforts. The company, which manufactures the world’s top selling stereolithography 3D printers, has also announced plans to collaborate strategically with Autodesk.
The investment round led by Foundry Group brings Formlabs’ total investment to date to $55 million and includes participation from existing investors DFJ Growth, Pitango Venture Capital, and Pascal Cagni, bringing
“Formlabs' efforts over the years in introducing new materials and capabilities have defined the category of professional desktop 3D printing, resulting in significant growth for the company along the way,” Max Lobovsky, co-founder and CEO of Formlabs, explained. “With the new investment, we’re excited to develop more powerful tools to enable anyone working with 3D content to create remarkable things. Formlabs will continue to grow the stereolithography business and bring new tools to the world to advance our goal of making digital fabrication more powerful and accessible.”
Brad Feld, co-founder of Foundry Group and early stage investor who has previously invested in MakerBot and Fitbit will join the Formlabs board.
“From the moment of its founding, Formlabs saw the opportunity in making professional desktop 3D printing accessible and was a key pioneer in the category,” Feld commented. “While the excitement and hype around consumer 3D printing has waned, the professional 3D printing category has had unabated demand, with Formlabs emerging as the leader in desktop 3D printing.”
With Autodesk’s investment in Formlabs, the two companies plan to strategically collaborate on software integration and joint marketing initiatives.
“Formlabs has brought a lot of innovation and great execution to the desktop 3D printing market, and Autodesk is excited to invest in the company’s future,” said Carl Bass, CEO of Autodesk. “But even more importantly, we’re eager to work together to improve digital design and manufacturing for product designers everywhere.”
Pascal Cagni, previously head of Apple in Europe, will be also join as a strategic advisor to boost Formlabs’ expansion in the EMEA territory.
Formlabs has gone from strength to strength since launching on Kickstarter in 2012, reporting 100 percent growth in annual sales for the third consecutive year and shipping over 1,000 printers a month. Earlier this year, the company made its first ever acquisition in online 3D printing community Pinshape to expand its product ecosystem and provide a space for its users to share and discuss ideas.