WILMINGTON, Mass.--(BUSINESS WIRE)--Seurat Technologies announced today it has closed a $41 million Series B round of funding led by Capricorn’s Technology Impact Fund. The funds will be used to further accelerate the development and commercialization of Seurat’s pioneering metal additive manufacturing technology, Area Printing™. Seurat previously raised $13.5 million in Series A financing led by True Ventures in January 2018.
Seurat’s Area Printing technology is a groundbreaking metal additive manufacturing process with enormous potential for infinite scalability. Seurat’s Area Printing process is differentiated from existing technology in that it focuses over two million points of laser light on a bed of metal powder—each point fully controllable in power and duration—to create production grade, fully functional components. Area Printing delivers resolution and quality at the scale needed for mass production of metal components across all industries.
“Seurat is bringing to market a completely revolutionary technology. Think evolving from writing a letter to the advent of the printing press, but with lasers printing metal parts.” said James DeMuth, CEO and Co-Founder of Seurat Technologies. “Bringing on new financial and strategic investors at the caliber of Capricorn will greatly aid Seurat in taking the big next step forward towards commercialization.”
“Capricorn invests in fast-growing companies with superior management teams that are fundamentally transforming industries. Seurat is clearly a disruptor in the Additive Manufacturing space, offering a powerful Area Printing technology platform that creates significant value to the entire Manufacturing Sector.” said Ion Yadigaroglu, Partner of the Technology Impact Fund and Capricorn Investment Group.
In addition to Capricorn’s commitment, Seurat’s Series B round is also supported by a new investment from leading mobility supplier DENSO, as well as continued support from True Ventures, GM Ventures, Porsche Automobil Holding SE, Siemens Energy, and Maniv Mobility.
"Working with Seurat advances DENSO's Industry 4.0 journey and keeps us at the forefront of manufacturing technology," said Tony Cannestra, director of Corporate Ventures at DENSO. "It also supports our broader investment strategy, which focuses on collaborations that speed innovation, help meet customer needs and get us closer to a greener, safer, more seamless mobility future."
Seurat's Area Printing technology shatters the existing barrier of cost per part. The first system generation will already offer a cost reduction of 50% compared to today’s Additive Manufacturing technologies. The unique technology principle, however, has the potential to decrease cost much further and future Seurat AM Area Printers will target manufacturing costs below conventional die casting processes by the year of 2030.
About Seurat Technologies
Seurat Technologies is creating the next generation of metal printers designed for industrial serial production. Seurat’s patented Area Printing (TM) additive manufacturing technology will allow manufacturers to cost effectively print metal parts at scale combining unprecedented speed, precision, part integrity and reliability. Seurat’s pioneering approach includes technology originally developed at Lawrence Livermore National Laboratory (LLNL) by a team that included Seurat’s CEO and Co-Founder, James DeMuth.
Learn more at www.seuratech.com.
About Capricorn’s Technology Impact Fund
The Technology Impact Fund (TIF) is a venture capital partnership that invests in companies developing and scaling novel engineering-based solutions to climate change and other global challenges. TIF’s investment process is grounded in comprehensive perspectives on long-term, global trends in technology, transportation, power, storage, efficiency, semiconductors, aerospace, sensors, earth data and analytics. TIF is an early investor in iconic companies including Tesla, Joby Aviation, SpaceX, QuantumScape, Redwood Materials, Planet Labs, Saildrone, Nuvia and Innovium.
Capricorn Investment Group is an investment firm founded to demonstrate that it is possible to invest profitably while driving sustainable positive change. Capricorn manages about $7B in assets for investors who strive for extraordinary investment results by leveraging market forces to accelerate large scale impact. Learn more at www.capricornllc.com
DENSO – a $44.6 billion global mobility supplier that develops advanced technology and components for nearly every vehicle make and model on the road today. With manufacturing at its core, DENSO invests in its 200 facilities to produce thermal, powertrain, mobility, electrification, & electronic systems, to create jobs that directly change how the world moves. The company’s 168,000+ employees are paving the way to a mobility future that improves lives, eliminates traffic accidents, and preserves the environment. Globally headquartered in Kariya, Japan, DENSO spent 10.0 percent of its global consolidated sales on research and development in the fiscal year ending March 31, 2021. For more information about global DENSO, visit https://www.denso.com/global.