VELO3D, a California-based digital manufacturing innovator, announced that it has raised $28 million in a Series D funding round. New investors Piva and TNSC joined the latest funding round.
Existing investors that took part in the current financing round include Bessemer Venture Partners, Playground, and Khosla Ventures. Till now, the company has raised a total of $138 million in funding.
The company will use the funds to expand its product portfolio to include more machine options, compatible alloys, and enhanced software and hardware capabilities. The company anticipates that the injection of fresh capital will help them 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,” states Benny Buller, Founder and CEO of VELO3D. “Customers in industries such as aerospace, oil & gas, and power 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.”
Piva is the largest investor in the new round and has a strong heritage in industrial markets, as they are backed by Malaysia-based PETRONAS, one of the world’s largest energy companies.
“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.”
Founded in 2015, VELO3D operated in stealth mode for the first 4 years, then announced availability of the Sapphire printer in 2019. VELO3D now has a global customer footprint that includes Japan, Korea, and Australia.
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