Skip to main content

Velo3D, a supplier of 3D printers to SpaceX, raises $28 million

Despite fundraising in the middle of a worldwide pandemic that has managed to shut down a significant chunk of global manufacturing, the developer of a metal composite 3D printing technology, Velo3D, has managed to raise $28 million in funding.

Over the past fifteen months, the company had bookings of $29 million and revenue of $50 million, Buller said. And it’s managed to land one of the most technically demanding contracts in the manufacturing industry — supplying 3D printers to none other than the world’s most successful new private rocket company, SpaceX.

“We are creating the seeds with the first customers that are using our product and are transitioning parts to production using our manufacturing solution,” says Buller.

Ramping up to industrial scale production using the company’s 3D printers is simple, says Buller. Velo3D pitches its printers in two ways. Either companies can buy the custom 3D printers and license the design software from the company, or it can pay for the printers and software in a single bundled service.

The value proposition that the company offers was enough to attract new investor Piva, the venture capital investment arm of the Malaysian energy giant Petronus along with TNSC. Previous investors Bessemer Investment Partners, Playground, and Khosla Ventures also participated in the financing, the company said.

With the new funding, Velo3D has raised $138 million in financing in total. The company said the new capital would be used to expand its product portfolio to include more alloys, enhanced hardware and software capabilities, and machine options. With the new cash, the company expects to reach sustained profitability by mid-2022.

Three companies in the 3D printed metal market are already vying for dominance with Desktop Metal; XJet; and MarkForged competing for a piece of the industrial manufacturing market. What separates Velo3D from those other manufacturers of metal 3D printers is the company’s quality assurance software and services.

“As we were looking at this company we were pretty impressed,” said Ricardo Angel, the chief executive of PIva and a former managing director at GE Ventures. “I was impressed by the technology that they developed. They had a really easy-to-use design software tool [and] they had this really deep quality control and assurance component.”

The quality control and assurance capabilities were two features that were likely critically important to the company landing its largest customer, SpaceX.

“SpaceX has started using us for a specific component that they had very significant issues manufacturing that using existing techniques,” said Buller. “SpaceX has been using 3D printing for production of engines… As they are designing the next generation engines from the starship… there were some components that they could not produce [and] over time they shifted more and more and more components to our system.”

 



from TechCrunch https://ift.tt/35eZRQk
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

The Silent Revolution of On-Device AI: Why the Cloud Is No Longer King

Introduction For years, artificial intelligence has meant one thing: the cloud. Whether you’re asking ChatGPT a question, editing a photo with AI tools, or getting recommendations on Netflix — those decisions happen on distant servers, not your device. But that’s changing. Thanks to major advances in silicon, model compression, and memory architecture, AI is quietly migrating from giant data centres to the palm of your hand. Your phone, your laptop, your smartwatch — all are becoming AI engines in their own right. It’s a shift that redefines not just how AI works, but who controls it, how private it is, and what it can do for you. This article explores the rise of on-device AI — how it works, why it matters, and why the cloud’s days as the centre of the AI universe might be numbered. What Is On-Device AI? On-device AI refers to machine learning models that run locally on your smartphone, tablet, laptop, or edge device — without needing constant access to the cloud. In practi...
1 comment
Read more

Apple’s AI Push: Everything We Know About Apple Intelligence So Far

Apple’s WWDC 2025 confirmed what many suspected: Apple is finally making a serious leap into artificial intelligence. Dubbed “Apple Intelligence,” the suite of AI-powered tools, enhancements, and integrations marks the company’s biggest software evolution in a decade. But unlike competitors racing to plug AI into everything, Apple is taking a slower, more deliberate approach — one rooted in privacy, on-device processing, and ecosystem synergy. If you’re wondering what Apple Intelligence actually is, how it works, and what it means for your iPhone, iPad, or Mac, you’re in the right place. This article breaks it all down.   What Is Apple Intelligence? Let’s get the terminology clear first. Apple Intelligence isn’t a product — it’s a platform. It’s not just a chatbot. It’s a system-wide integration of generative AI, machine learning, and personal context awareness, embedded across Apple’s OS platforms. Think of it as a foundational AI layer stitched into iOS 18, iPadOS 18, and m...
Post a Comment
Read more

Max Q: Anomalous

Hello and welcome back to Max Q! Last week wasn’t the most successful for spaceflight missions. We’ll get into that a bit more below. In this issue: First up, a botched launch from Virgin Orbit… …followed by one from ABL Space Systems News from Rocket Lab, World View and more Virgin Orbit’s botched launch highlights shaky financial future After Virgin Orbit’s launch failure last Monday, during which the mission experienced an  “anomaly” that prevented the rocket from reaching orbit, I went back over the company’s financials — and things aren’t looking good. For Virgin Orbit, this year has likely been completely turned on its head. The company was aiming for three launches this year, but everything will remain grounded until the cause of the anomaly has been identified and resolved. It’s unclear how long that will take, but likely at least three months. Add this delay to Virgin’s dwindling cash reserves and you have a foundation that’s suddenly much shakier than before. ...
Post a Comment
Read more