Machine manufacturer Seurat Technologies announces a $21M Series B extension with investments from new investors Xerox Ventures and SIP Global Partners.
While venture company IP Global Partners seems relatively new in the AM field, it should be noted that Seurat is the second AM company Xerox invests in; the first one being Castor. The new investment round brings the total funding of the company to $79M.
The US-based manufacturer develops an Area Printing process, “powered by 100% renewable energy”. This process was developed at Lawrence Livermore National Laboratory, and the company has nearly 130 patents granted and pending.
With the goal of helping companies migrate manufacturing from castings and other traditional fabrication methods to achieve high-volume production and reduce harmful environmental pollutants, the funding will serve to the fabrication of new production systems that will decarbonize manufacturing. When operating at full production capacity, Seurat expects to displace 0.15 GT/year of carbon emissions by 2025.
“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”, James DeMuth, co-founder and CEO of Seurat states.
The company indicates it 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/kilogram, which is comparable to castings. As Seurat grows, its tech will make the $1 trillion metal manufacturing market fully accessible to additive manufacturing. 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.
Remember, you can post job opportunities in the AM Industry on 3D ADEPT Media free of charge or look for a job via our job board. Make sure to follow us on our social networks and subscribe to our weekly newsletter : Facebook, Twitter, LinkedIn & Instagram ! If you want to be featured in the next issue of our digital magazine or if you hear a story that needs to be heard, make sure you send it to contact@3dadept.com