Additive Manufacturing technology developer Velo3D, Campbell, California, USA, has successfully raised a further $12 million in its latest funding round via new strategic investors. In addition to the $28 million funding boost that Velo3D announced in April 2020, this brings the company’s total funding to $150 million.
According to the company, the funds received will allow it to grow its product portfolio with new machines and alloys, and continue to offer a high level of support to its customers. Further, Velo3D expects that this increase in funds will enable it to reach sustainable profitability by mid-2022.
“We are very excited to see this level of interest from multiple industry leaders that use our solution to overcome complex challenges for their businesses and will be announcing more about this in the coming weeks,” stated Benny Buller, Founder and CEO of Velo3D. “In this unprecedented time of uncertainty, this funding will allow us to keep expanding our business and reach profitability.”
Founded in 2015, Velo3D launched its Sapphire® Laser Powder Bed Fusion (LB-PBF) Additive Manufacturing machine in 2019. In its first year of commercialisation, Velo3D reported nearly $30 million in sales and gained seven new customers, many of which are said to have placed repeat orders. The company now has a global customer footprint that includes Japan, Korea, and Australia.