附近上门

3D printing startup has raised $28 million in a new round of funding, the company announced Tuesday.

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The Series D round brings Velo3D鈥檚 total funding to $138 million, according to the company. It included participation from new investors and TNSC, along with existing investors , 聽and Playground, according to a 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.

鈥淐ustomers 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鈥檛 possible before with 3D metal printing,鈥� CEO Benny Buller said in a statement.

The company expects that the new funding will help it reach 鈥渟ustainable profitability鈥� by mid-2022, according to the statement.

Investor insight

Piva鈥檚 investment in Velo3D comes as one of the new VC firm鈥檚 first investments from its first fund, which was announced in December and comes out to $250 million, according to 附近上门. It made its first investment in February, in spatial artificial intelligence company .

鈥淰elo3D is revolutionizing the way we think about advanced manufacturing today,鈥� Piva CEO Ricardo Angel said in a statement. 鈥淲e 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.鈥�

Piva invests in companies in the industrial and energy space with Malaysia-based energy company as its only limited partner, per a Medium 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鈥檚 investment in Velo3D fits right in with its mission. While Velo3D touts on its 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.

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