Seurat Technologies, a pioneering 3D metal-printing startup, announced on Monday that it successfully raised an impressive $99 million in a funding round. This round was co-led by Nvidia’s venture capital arm, a notable chip designer in the tech industry. In response to this news, Nvidia experienced a 1% increase in pre-market shares on the same day.
This latest funding endeavor, categorized as a series C round, has significantly elevated Seurat’s overall valuation, with an undisclosed source suggesting it now hovers around the $350 million mark. CEO James DeMuth expressed optimism, revealing that the company is eyeing an initial public offering (IPO) within the next 12 to 36 months. The funds secured from this round are earmarked for the deployment of production printers, a critical step in advancing Seurat’s groundbreaking technology.
Collaborating alongside Nvidia, the funding was jointly led by Capricorn’s Technology Impact Fund. Noteworthy new investors include Honda Motor and Cubit Capital, while steadfast supporters such as Porsche, Xerox Holdings, and General Motors’ venture capital units also contributed. Seurat’s strategic focus revolves around revolutionizing parts manufacturing through their Area Printing technology, which operates on sustainable green energy. By bringing production closer to customer facilities, the company aims to curtail emissions and reimagine global supply chains.
In a climate where businesses worldwide are actively diversifying their supply chains, responding to the US-Sino trade tensions and prioritizing continuity, Seurat stands as a beacon of innovation. Their local factory deployment model is poised to provide the industry with a viable solution. Lutz Meschke, a prominent board member at Porsche Automobil Holding, acknowledges the potential of Seurat’s solution in bolstering the operational resilience of supply chains.
Over the past two years, Seurat has successfully onboarded several esteemed clients, including Siemens Energy. They have committed to supplying an impressive 59 tons of metal components over a six-year period. More recently, the company secured letters of intent from additional global customers, surpassing the production capacity of their pilot factory located in Massachusetts. These agreements, in aggregate, could translate into a substantial $750 million in revenue spanning multiple years.
In conclusion, Seurat Technologies’ latest funding round has not only propelled the company’s valuation to new heights but also positioned it as a formidable force in revolutionizing metal printing technology and reshaping global supply chains. As the startup continues its expansion, it remains steadfast in its mission to reshore global supply chains and underscore the tangible benefits of its pioneering metal printing technology.
Source: Reuters
