3-D printing startup, Markforged, doubled its funding amount after raising $82 million in a round led by Summit Partners by ElisabethAnne15
, a private equity firm with $19 billion in capital, led the round, bringing the Watertown, Massachusetts-based company’s total funding to $139 million. Additional investors included Matrix Partners, Microsoft Ventures and Porsche SE.
Markforged forecast $70 million in revenue for 2018, a number the company says it hit, but declined to disclose specific revenue for last year as well as its new valuation. Its most recent public valuation was $300 million in November 2017, according to Pitchbook. The latest funding is ear-marked for research and development, Greg Mark, the company’s 38-year-old cofounder and CEO, toldDoubling the company’s 83-member engineering team will lower the costs of Markforged’s 3-D printers and amp up production speeds, he said. The company will also open offices offices in Dublin and the Asia-Pacific region.
Mark launched Markforged in 2013 when most 3-D printer companies were cranking out resins and plastics. Instead, Markforged focused on carbon, which is stronger and more suitable for a variety of industrial uses. “I realized there was a huge gap between the high and low-end printers that were on the market," Mark said."You could either use a $2 million system or spend only $2,000 to produce weak, plastic materials that really just sucked.
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