Velo3D Secures $28M to Expand 3D Printing Tech Used by SpaceX
Velo3D raises $28 million to scale its metal 3D printing business, which currently supplies equipment to SpaceX. The funding aims to expand the company's product portfolio and push it toward profitability by mid-2022.
Velo3D raises $28 million in new funding to expand its metal composite 3D printing technology despite the global manufacturing slowdown caused by the pandemic. The company stands out by supplying its advanced printers to SpaceX, securing one of the most demanding contracts in the modern manufacturing industry. Over the past fifteen months, Velo3D reports $29 million in bookings and $15 million in revenue.
The company differentiates itself from competitors like Desktop Metal and XJet through its superior quality assurance software and easy-to-use design tools. Customers have the option to either purchase the 3D printers and license the software separately or buy them together as a single bundled service. This unique value proposition attracts high-profile clients that require rigorous quality control for their production parts.
New investor Piva, the venture arm of Malaysian energy giant Petronas, leads the funding round alongside TNSC and previous backers like Bessemer Venture Partners and Khosla Ventures. This new capital brings Velo3D's total funding to $138 million. The company plans to use the money to add more alloys, enhance its hardware and software, and introduce new machine options as it aims to reach sustained profitability by mid-2022.