Seurat Technologies, a Wilmington, MA-based 3D metal printing company, raised $99M in Series C funding.
The round was led by NVentures, and Capricorn’s Technology Impact Fund with participation from participation from new investors Honda Motor and Cubit Capital, as well as previous investors, True Ventures, SIP Global Partners, Porsche Automobil Holding SE, Denso Global, General Motors Ventures, Maniv Mobility LP, and Xerox Ventures.
The company intends to use the funds to accelerate its 3D metal printing technology, move from prototype to production.
Led by James DeMuth, CEO, Seurat Technologies provides a 3D metal printing system designed for high-volume, decarbonized industrial production. The company anticipates the technology have the potential to directly mitigate as much as 100 million tons of CO2 by 2030. Seurat plans to deploy its printing factories at or near customer sites around the world, enabling parts to be produced in closer proximity to where they are needed while reshoring supply chains and reducing emissions from transportation and global logistics.
The pilot factory in the Greater Boston area, will have the capacity to produce more than 25 tons of metal parts annually and is already oversubscribed. Seurat also has commitments to develop 59 tons of additively manufactured metal components for Siemens Energy turbines over a six-year period for parts meeting the material qualification requirements. In all, Seurat has LOIs from six customers totaling 4,000 tons of material and over $750 million in projected revenue over the next several years.
The company has over 275 patents and trademarks, granted and pending.
FinSMEs
30/10/2023