Formlabs, a 3D printing startup based in Boston, US, has secured a USD30 million in C-series financing led by Tyche Partners and supported by Shenzhen Capital Group, a venture capital agency set up in China’s southern Guangdong province.
Formlabs had been in contact with Shenzhen Capital Group for around six months, a source told Yicai Global, adding that new funds bring total investment in the firm to USD85 million.
The company established an office in Shenzhen in January, its third office globally following openings in Boston, US and Berlin, Germany.
China is the second largest market for 3D printing in the world, making the firm ripe for investment from the country’s capital funds. The new financing will facilitate the firm’ expansion into the market, said founder David Lakatos.
Founded in 2011, Formlabs is dedicated to developing easy-to-use affordable desktop stereolithographic 3D printers, and its products have been used in a wide range of industries including education, dentistry, healthcare and jewelry.
Lakatos said that the company’s main products are desktop stereo printers and laser 3D printers, adding that sales have now reached 40,000 units globally.
China is the key market for Formlabs, and the company aims to reduce the price of the four most commonly-used printing resin materials in the Chinese market by 30 percent. At present, the firm employs six employees at its Chinese office, and strategic financing can also promote the company’s local development.
The US holds a 35.9 percent market share in the global 3D printer market, according to a report from consulting firm Wohlers Associates, while China has a 10.6 percent share.
Source: yicaiglobal.com
