Additive Manufacturing systems developer Seurat Technologies, Wilmington, Massachusetts, USA, has closed a $41 million Series B funding round led by Capricorn’s Technology Impact Fund. The company will use the funds to accelerate the development and commercialisation of its metal AM technology, Area Printing™.
Seurat’s Area Printing technology is a metal powder based AM process that is differentiated from existing technology in that it focuses over two million points of laser light on a bed of metal powder – each point fully controllable in power and duration – to create production-grade, fully functional components. Area Printing is said to be capable of delivering resolution and quality at the scale needed for mass production of metal components across all industries.
“Seurat is bringing to market a completely revolutionary technology,” stated James DeMuth, CEO and co-founder of Seurat Technologies. “Think evolving from writing a letter to the advent of the printing press, but with lasers printing metal parts. Bringing on new financial and strategic investors at the calibre of Capricorn will greatly aid Seurat in taking the big next step forward towards commercialisation.”
According to Seurat, its Area Printing technology shatters the existing barrier of cost per part. The first system generation will, the company claims, offer a cost reduction of 50% compared to today’s Additive Manufacturing technologies. The unique process, however, reportedly has the potential to decrease cost much further and future Seurat AM Area Printers will target manufacturing costs below conventional die casting processes by the year 2030.
Ion Yadigaroglu, Partner of the Technology Impact Fund and Capricorn Investment Group, commented, “Capricorn invests in fast-growing companies with superior management teams that are fundamentally transforming industries. Seurat is clearly a disruptor in the Additive Manufacturing space, offering a powerful Area Printing technology platform that creates significant value to the entire Manufacturing Sector.”
In addition to Capricorn’s investment, Seurat’s Series B round is also supported by a new investment from leading mobility supplier DENSO, as well as continued support from True Ventures, GM Ventures, Porsche Automobil Holding SE, Siemens Energy, and Maniv Mobility.