Seurat Technologies, Wilmington, Massachusetts, USA, has closed a $21 million Series B extension round with investments from new investors Xerox Ventures and SIP Global Partners. The latest funding also has participation from previous investors Capricorn’s Technology Impact Fund, True Ventures, Porsche Automobil Holding SE, and Maniv Mobility. This brings the total funding for Seurat to $79 million.
The funding will support Seurat’s aim to decarbonise manufacturing and address supply chain issues with the company’s Area Printing technology, a metal powder-based Additive Manufacturing process, that is reportedly powered by 100% renewable energy. This is expected to help companies migrate manufacturing from castings and other traditional fabrication methods to achieve high-volume production and reduce harmful environmental pollutants. When operating at full production capacity, Seurat expects to displace 0.15 gigatons/year of carbon emissions by 2025.
“Seurat’s mission is to make manufacturing better in every way by embracing the agility and design freedom of 3D printing, but not at the same expense,” commented James DeMuth, co-founder and CEO of Seurat. “Area Printing decouples resolution and speed, which is the secret sauce to making 3D printing a high-volume process. We are working with the world’s largest manufacturers in migrating their designs to Area Printing to help them gain lead-time, cost, and quality advantages, while making a positive environmental impact.”
Seurat states that it has already secured seven letters of intent to join its commercialisation programme from leading automotive, aerospace, energy, consumer electronics, and industrial companies, and expects to launch its first commercial programmes this year. The additional funding will be used towards building Seurat’s production-grade system which is targeted to produce parts at $300/kg — comparable to parts produced by machining. By 2025, Seurat anticipates lowering manufacturing cost to $150/kg, which is comparable to castings. As Seurat grows, it intends for its technology to make the $1 trillion metal manufacturing market fully accessible to AM.
Tim Chiang, Investment Director at Xerox Ventures, said, “Xerox Ventures is investing in high growth startups that usher forth truly transformative business solutions across all industries. We believe that the future of how we make products will solve for today’s supply chain and sustainability challenges, and Seurat will help make that future a reality for mass production with their breakthrough advanced manufacturing technology.”
Seurat’s funding is also expected to help the company continue to grow its leadership team. In 2021, Seurat states that it made several strategic hires, including Anthony Di Paola as CFO, Joyce Yeung as senior director of marketing, John Rushton as director of market development, and Amy Donahue as controller, with several more key electrical, mechanical, optical, and laser engineers.