Shenzhen Capital backs Asia push by US 3D printing player
Shenzhen Capital has joined a $30 million Series C round for US-based 3D printing company Formlabs that will support an expansion effort in China and Asia.
Other participants included Tyche Partners, DFJ Growth, Pitango Venture Capital, and Foundry Group. It brings the company’s total funds raised to date to $85 million. Previous investors include Innovation Endeavors, Acequia Capital, and SOSV.
“For many years, China has been catching up in manufacturing capabilities to the US and Europe, but recently it has matched or surpassed in many areas,” Max Lobovsky, co-founder and CEO of Formlabs, said in a statement. “Chinese manufacturers will be critical to figuring out how to adopt 3D printing into higher volume manufacturing applications.”
Founded in 2011, Formlabs specializes in designing and manufacturing 3D printing systems for use in industries including education, dentistry, healthcare, jewelry, and research. It claims to provide the top selling stereolithography printer in the world via some 100 channel partners and resellers, shipping to six continents. Its existing Asia footprint includes distribution teams in China and Japan.
The maturation of 3D printing technology for industrial manufacturing purposes is expected to coincide with a shift in segment leadership from West to East. Recent investment in this trend includes a $107 million round for Divergent 3D, a US-based company bringing 3D printing technology to China’s auto manufacturing space.
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