Seurat Technologies, the 3D metal printing leader that is making manufacturing better for people and the planet, today announced it has closed a $21 million Series B extension with investments from new investors Xerox Ventures and SIP Global Partners.
Seurat’s latest funding has participation from previous investors including Capricorn’s Technology Impact Fund, True Ventures, Porsche Automobil Holding SE, and Maniv Mobility, bringing total funding for Seurat to $79 million.
Manufacturing is one of the largest contributors to greenhouse gas emissions, contributing to 22 percent of emissions in the US, which excludes the impact of shipping parts around the world.
Companies need new solutions that decrease their carbon footprint and create a more resilient supply chain.
To advance the world’s net-zero goals, address supply chain challenges, and reshore manufacturing, Seurat’s Area Printing process is powered by 100 percent renewable energy and will help companies migrate manufacturing from castings and other traditional fabrication methods to achieve high-volume production and reduce harmful environmental pollutants.
When operating at full production capacity, Seurat expects to displace 0.15 GT/year of carbon emissions by 2025.
James DeMuth, co-founder and CEO of Seurat, says: “Seurat’s mission is to make manufacturing better in every way by embracing the agility and design freedom of 3D printing, but not at the same expense.
“Area Printing decouples resolution and speed, which is the secret sauce to making 3D printing a high-volume process. We are working with the world’s largest manufacturers in migrating their designs to Area Printing to help them gain lead-time, cost, and quality advantages, while making a positive environmental impact.”
Seurat has already secured seven letters of intent to join its commercialization program from the world’s largest automotive, aerospace, energy, consumer electronics and industrial companies, and expects to launch its first commercial programs this year.
The additional funding will be used towards building Seurat’s production-grade system which is targeted to produce parts at $300/kilogram – comparable to parts produced by machining.
By 2025, Seurat anticipates lowering manufacturing cost to $150 per kilogram, which is comparable to castings. As Seurat grows, its tech will make the $1 trillion metal manufacturing market fully accessible to additive manufacturing.
Tim Chiang, investment director at Xerox Ventures, says: “Xerox Ventures is investing in high growth startups that usher forth truly transformative business solutions across all industries.
“We believe that the future of how we make products will solve for today’s supply chain and sustainability challenges, and Seurat will help make that future a reality for mass production with their breakthrough advanced manufacturing technology.”
Jeffrey Smith, general partner of SIP Global Partners, says: “We are exceptionally excited to join Seurat in its mission to reinvent precision manufacturing at scale.
“We strongly believe that the team, its technology and its industry partners represent a unique opportunity to create a vastly more efficient and sustainable global manufacturing ecosystem.”
Seurat’s funding will also help the company continue to attract top talent. In 2021, Seurat nearly doubled its headcount and made several strategic hires, including CFO Anthony Di Paola.
Di Paola brings more than three decades of financial experience, including leadership roles at FGX International (where he led the company through the IPO process), General Electric, and Thyssen Krupp Elevator.
Other critical hires include Joyce Yeung as senior director of marketing, John Rushton as director of market development, and Amy Donahue as controller, with several more key electrical, mechanical, optical, and laser engineers.
3D printing, also known as additive manufacturing, is gaining maturity and momentum but still presents trade-offs when it comes to speed, quality, scale and cost.
Area Printing was developed at Lawrence Livermore National Laboratory, and the company has nearly 130 patents granted and pending.
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