Categories Analysis, Technology, U.S. Markets News
Formlabs: A unicorn that is molding its space in the 3D printing market
Though relatively a newcomer, the 3D printing market holds a lot of promise. Due to the rapidly increasing commercial use of 3D printers, the industry is expected to grow at a CAGR of 26% between this year and 2023, when it is projected to be valued at $32.78 billion.
Taking a pole position to capitalize on the market potential is a Massachusetts-based start-up Formlabs. The manufacturer of 3D printers achieved unicorn status in August this year following a round of funding from New Enterprise Associates.
Founded in 2011 by three MIT students, Formlabs today has over $100 million in revenue run rate and is one of the world’s largest manufacturers of stereolithography 3D printers.
The company first made news when it raised a record $2.95 million in funding at a Kickstarter campaign in 2012, which happened along with the public announcement of its Form 1 printer, Formlabs’ very first product. The company subsequently released two upgraded models Form 1+ in 2014 and Form 2 in 2015.
It is currently working on its latest product, Fuse 1, with a focus on selective laser sintering. The cheapest version of Fuse 1 will be priced at around $10,000 and shipping is expected to begin early next year. In the past six years, the company has sold over 35,000 printers.
Notably, the 3D printing company is backed by former General Electric (GE) CEO Jeff Immelt, who is also a Board member. Immelt sees great potential in 3D printing and was a vocal supporter of the technology during his stint with the industrial behemoth.
Formlabs’ success lies in its ability to build complex printing machines at relatively affordable rates. With the industry slowly picking up the pace and the company shining in consecutive rounds of funding, this could be one company that you simply can’t afford to ignore.
Listen to publicly listed companies’ earnings conference calls along with the edited closed caption text
Most Popular
Key metrics from Shopify’s (SHOP) Q1 2024 earnings results
Shopify Inc. (NYSE: SHOP) reported first quarter 2024 earnings results today. Revenue increased 23% to $1.9 billion compared to the prior-year period. Gross Merchandise Volume (GMV) increased 23% year-over-year to
EA Earnings: Electronic Arts reports lower revenues for Q4 2024
Video game publisher Electronic Arts (NASDAQ: EA) Tuesday reported a decline in revenues for the fourth quarter of 2024. Meanwhile, the top line came in slightly above analysts' estimates. Fourth-quarter
What to look for when Home Depot (HD) reports Q1 2024 earnings
Shares of The Home Depot (NYSE: HD) stayed red on Tuesday. The stock has gained 17% over the past 12 months. The home improvement retailer is scheduled to report its
Comments