Formlabs, the designer and manufacturer of powerful and accessible 3D printing systems, has announced that it has raised USD 15 M in funding from global venture capital firm New Enterprise Associates (NEA), valuing the company at over USD 1 B and bringing total raised funding to date to over USD 100 M. The company has also announced the appointment of Jeff Immelt, former chairman and CEO of the General Electric Company, to its board of directors.
The company has already achieved significant milestones, including: (i) Number one seller of stereo lithography 3D printers worldwide. (ii) Profitable operations with an annual revenue run rate exceeding USD 100 M after five consecutive years of averaging close to 100% growth. (iii) Expansion in China and other Asia-Pacific markets with Series C funding announced earlier this year. (iv) A growing customer base of innovators in their respective fields, from large global enterprises to small businesses.