SoftBank Vision Fund 2 led a $150 million Series E, Doubling Formlabs valuation to $2 billion and giving the company the funds to grow and customize its portfolio of 3D printing technologies.
Formlabs announced it raised a $150 million Series E led by SoftBank Vision Fund 2, doubling its valuation to $2 billion. Formlabs says it will use the funds to continue to grow its portfolio of 3D printing technologies, enabling greater mass production and customization, as well as grow its team across its seven offices worldwide.
Formlabs produces a line of stereolithography (SLA) and selective laser sintering (SLS) 3D printers and printing materials for users across the healthcare, dental, manufacturing, engineering, education, jewelry, audio, and entertainment industries.
“The industry is undergoing a renaissance and Formlabs is leading the way,” said Max Lobovsky, CEO and co-founder of Formlabs. “The 3D printing industry market size is expected to reach $51.77 billion by 2026, and Formlabs is the company to drive this growth forward. Where others have promised printers capable of mass production and end-use quality parts, Formlabs has delivered.”
Lobovsky added, “Today, most 3D printing technology is still too expensive and difficult to use for widespread adoption. Our laser focus on improving the user experience and quality of these machines while bringing down the cost is central to our success and the growth of the industry. With this investment, we plan to expand our current portfolio of SLA and SLS technology and accelerate our product development to continue delivering on the expectations of the 3D printing industry.”
“We’re incredibly excited to work with SoftBank Vision Fund 2 to help build Formlabs’ next chapter and continue delivering the industry’s most accessible 3D printing technology for everything from prototyping to production,” said Natan Linder, Formlabs’ co-founder and chairman of the board. “SoftBank has a long history of supporting innovative hardware companies as they scale, expand globally and enter the public markets without slowing innovation. This round helps us continue to build the industry’s most sustainable business and maintain our innovation pace while preparing the company for the next stage of growth.”
Deep Nishar, senior managing partner, SoftBank Investment Advisers, will also join Formlabs’ Board of Directors and Kirthiga Reddy, investment partner, Softbank Investment Advisers, will be joining as a board observer. Nishar and Reddy currently serve on several public and private company boards.
“We believe the 3D printing industry is currently standing at the precipice of unprecedented growth and is transforming the way products are made,” said Nishar. “Through its high-performance printers, materials and software, Formlabs is pushing the development of 3D printing technology forward and is enabling the era of mass production and mass customization. We are excited to partner with Max and the Formlabs team to support their ambition to enable anyone to make anything.”