VELO3D has announced it has raised $28 million in a Series D funding round, bringing total funding to around $138 million.
Existing investors Bessemer Investment Partners, Playground and Khosla Ventures have been joined by Piva and TNSC in this latest round as VELO looks to further expand its product portfolio.
Just two weeks ago, VELO launched a new metal 3D printing system able to print parts up to one metre tall, and is now looking to add further machine options as well as develop and commercialising new, compatible alloys. Additionally, the company believes it will now be able to reach sustainable profitability by mid-2022.
“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,” commented Benny Buller, founder and CEO of VELO3D. “Customers in industries such as aerospace, oil and gas and powder 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.”
“VELO3D is revolutionising the way we think about advanced manufacturing today,” added Ricardo Angel, CEO and Managing Partner at Piva. “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. 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.”
The injection of an additional $28m into the VELO3D rounds off an eventful first couple of years out of stealth since coming to market with its support-less Sapphire system in the summer of 2018. VELO3D made the platform commercially available in 2019, generating nearly $30m in sales and gaining seven new customers, per the company, with its Flow and Assure software tools also being added to the product portfolio.