VELO3D announced a new Series D funding round of USD 28 million from existing investors Bessemer Venture Partners, Khosla Ventures and Playground along with new investors Piva and TNSC.
VELO3D worked in secrecy for four years before unveiling their metal additive manufacturing printer called Sapphire in 2019. Since unveiling the printer, VELO3D has put together an additive manufacturing system including software Flow and Assure. Flow gives Sapphire users the ability to perform analysis on their 3D models prior to printing. Assure gives Sapphire users access to quality management software and together, all three give users a system that ensures the highest quality metal-printed components.
The company just released their next generation Sapphire additive manufacturing system with Flow and Assure. This system can print metal objects up to one meter tall, has a 315 mm build plate and dual 1KW lasers. They also announced a commercial release of an aluminum F357 material designed for use on its Sapphire metal 3D printing system.
With the new round of funding, VELO3D will be able to keep operations running smoothly into 2022 and expand their existing software, hardware and material property portfolio. This is good news for their users who are building mission critical applications using the new product release and commercially available aluminum material. VELO3D customers include companies in power, oil & gas and aerospace.
Bottom Line
VELO3D has received new funding in part because they were able to generate USD 30 million in sales while gaining seven new industrial customers right out of the gate in 2019. Part of the reason they were able to produce revenue and gain customers is due to a standout feature of the metal additive manufacturing technology they presented to market in 2019. VELO3D’s Sapphire system reduced the need for support structures, which is one of the costliest and most hindering parts of post-processing in metal additive manufacturing of industrial-grade components.