VELO3D, a California-based metal additive manufacturing company, has just revealed it has secured $12 million in funding from new strategic investors. The news, which was announced in a brief LinkedIn post this morning, follows a recent Series D funding round in April, through which VELO3D raised $28 million. With the recent funding added to the $28 million, VELO3D has raised $40 million in recent months and a grand total of $150 million.
While we await more details, here is what Benny Buller, CEO and Founder of VELO3D has said about the $12 million in funding:
“I am proud to announce that we have successfully completed fundraising with the addition of new strategic investors. 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.
“In this unprecedented time of uncertainty, this raise enables us to grow our product portfolio with new machines and alloys and to continue providing world-class support to our customers. This represents an addition to the $28M that we announced in April and brings our total for this fundraising to $40M and a total funding for the company to $150M. This funding will allow us to keep expanding our business and reach profitability.”
In April, VELO3D announced that the Series D funding would enable it to expand its product portfolio by bringing to market more machine options and compatible metal alloys, as well as to enhance its software and hardware capabilities.
The company, which came out of stealth mode in 2018, has brought to market an end-to-end metal additive manufacturing solution consisting of the support-free Sapphire 3D printer, Flow advanced pre-print software and Assure quality management software. It has already sold its technology to customers including Duncan Machine Products, Knust-Godwin and Stratasys Direct Manufacturing.