3D printing startup Velo3D has raised $28 million in a new round of funding, the company announced Tuesday.
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The Series D round brings Velo3D’s total funding to $138 million, according to the company. It included participation from new investors Piva and TNSC, along with existing investors Bessemer Venture Partners, Khosla Ventures and Playground, according to a statement from the company.
Velo3D combines software and hardware for 3D metal printing. The Campbell, California-based company was founded in 2015, but was in stealth for four years. In 2019, it introduced its Sapphire Printer, and the company landed more than $30 million in sales.
“Customers in industries such as aerospace, oil & gas, and power generation are now able to achieve part quality for their mission-critical applications with performance levels that weren’t possible before with 3D metal printing,” CEO Benny Buller said in a statement.
The company expects that the new funding will help it reach “sustainable profitability” by mid-2022, according to the statement.
Piva’s investment in Velo3D comes as one of the new VC firm’s first investments from its first fund, which was announced in December and comes out to $250 million, according to Crunchbase. It made its first investment in February, in spatial artificial intelligence company Worlds.
“Velo3D is revolutionizing the way we think about advanced manufacturing today,” Piva CEO Ricardo Angel said in a statement. “We have been impressed by (Velo3D CEO) Benny (Buller), the team and their breakthrough technology that will have a significant impact on the efficient design and manufacturing of complex components, previously unattainable, with clear commercial traction already in the aerospace and aviation markets.”
Piva invests in companies in the industrial and energy space with Malaysia-based energy company Petronas as its only limited partner, per a Medium post introducing the VC firm. Though it has just one LP, Piva operates independently like a traditional VC firm, according to the post.
With its focus on companies in the industrial and energy space, Piva’s investment in Velo3D fits right in with its mission. While Velo3D touts on its website that it is able to manufacture anything, it lists industrial and energy, along with aerospace as areas where its technology can be used.
Editor’s Note: A previous version of this article listed Bessemer Investor Partners as an investor due to incorrect information in a press release. Bessemer Venture Partners is an investor in Velo3D.
Illustration Credit: Li-Anne Dias