VELO3D, the California-based metal additive manufacturing company that brought to market the Sapphire system, has raised $28 million through a Series D financing round, bringing the company’s total funding to $138 million. The financing round saw participation from existing investors Bessemer Venture Partners, Playground and Khosla Ventures, as well as new investors like Piva and TNSC.
The $28 million in funding will enable VELO3D to expand its product portfolio by bringing to market more machine options, compatible metal alloys and enhanced software and hardware capabilities. VELO3D expects that the additional funding will help pave the way towards attaining sustainable profitability by mid-2022.
After operating in stealth more for about three years, VELO3D unveiled its end-to-end metal additive manufacturing solution in August 2018, comprising the Sapphire metal 3D printer and Flow advanced pre-print software. Since then, the company has introduced Assure, a quality management software, and has sold its support-free metal AM solution to customers like Duncan Machine Products, Knust-Godwin and Stratasys Direct Manufacturing, among others.
In the first year of commercialization for its support-free metal PBF solution, VELO3D reportedly generated nearly $30 million in sales and grew its customer network globally. Today, the company has distribution in Japan, Korea and Australia. This success caught the interest of Piva, a San Francisco-based venture capital firm backed by energy company PETRONAS.
“VELO3D is revolutionizing the way we think about advanced manufacturing today,” said 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.”