3-D printer startup Formlabs raises $35m Series B

3-D printer startup Formlabs raises $35m Series B

3-D printer3-D desktop printer made by Formlabs, at a conference in Las Vegas

Three-dimensional printers were once hyped as the next big thing in home gadgets, but it turned out consumers weren’t so eager to buy an expensive gizmo that can churn out plastic toys and appliance parts.
Designers and engineers, however, are still looking to buy.
MIT spinout Formlabs — which sells 3-D printers and related materials to designers, engineers, and other professionals — said Thursday it raised $35 million from investors to finance a big expansion.
The new cash, supplied by venture capitalists and the engineering design software company Autodesk, will allow Formlabs to hire more employees — it plans to grow from about 190 employees to about 300 in the next year — and continue expanding its product offerings.
Formlabs, based in Somerville, said it ships more than 1,000 printers each month, at prices of up to $3,500 each. The company declined to disclose more specific revenue figures.
Chief executive Max Lobovsky said a significant chunk of Formlabs’ sales come from the liquid resins used to create parts with its machines, which can cost between $150 and $400 per liter.
“We’re not a venture-funded company burning tons of cash. We raised this money to grow into new areas, not to sustain our operations,” Lobovsky said. “We’re a company that makes stuff and sells stuff.”
Autodesk’s involvement could help boost those sales further. The two companies will work to help Autodesk’s widely used architecture, engineering, and design software communicate more easily with Formlabs’ printers. The companies also may market their products jointly.

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https://www.bostonglobe.com/business/2016/08/04/formlabs-raises-expand-hiring-

Summary
Article Name
3-D printer startup Formlabs raises $35m Series B
Description
3-D printer startup Formlabs raises $35m series B, in new funding led by the Foundry Group and California software giant.

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