Velo3D raises $28 million in Series D funding round
April 28, 2020
Velo3D, Campbell, California, USA, has raised $28 million in a Series D funding round. New investors Piva and TNSC joined the round, along with existing investors Bessemer Venture Partners, Playground, and Khosla Ventures, bringing Velo3D’s total funding to $138 million.
The company states that it plans to use the new capital to expand its product portfolio to include more machine options, compatible alloys, and enhanced software and hardware capabilities. It anticipates that the injection of fresh capital will help it to reach sustainable profitability by mid-2022.
Founded in 2015, Velo3 announced availability of its Sapphire AM machine in 2019. In its first year of commercialisation, the company reported nearly $30 million in sales and gained seven new customers, many of which have placed repeat orders.
Piva, which is said to be the largest investor in this new round of funding, has a strong heritage in industrial markets, as it is backed by Malaysia-based PETRONAS, one of the world’s largest energy companies.
“With the Velo3D integrated solution of Flow™ advanced pre-print software, Sapphire™ printer, and Assure™ quality management software, companies can finally break free of the constraints of existing metal Additive Manufacturing processes,” stated Benny Buller, Founder and CEO of Velo3D. “Customers in industries such as aerospace, oil & gas, and power generation are now able to achieve part quality for their mission-critical applications with performance levels that weren’t possible before with 3D metal printing.”
Ricardo Angel, CEO and Managing Partner at Piva, commented, “Velo3D is revolutionising the way we think about advanced manufacturing today. We have been impressed by Benny, the team and their breakthrough technology that will have a significant impact on the efficient design and manufacturing of more complex components, previously unattainable, with clear commercial traction already in the aerospace and aviation markets.”
Angel added, “Velo3D will lead a new wave of more resilient, distributed manufacturing capabilities for its most critical components, which the world will need to ensure local product availability and timeliness, while mitigating potential future worldwide disruptions.”
