SEATTLE--(BUSINESS WIRE)--Today Glowforge (https://glowforge.com/), creator of the award-winning 3D laser printer, announced it has raised an additional $20 million in Series E funds, bringing its total financing to $135 million. Returning investors DFJ Growth and Foundry Group co-led the round, which saw additional funding from Revolution Growth and True Ventures, also returning investors. Glowforge will use the funding to accelerate innovation and expand product offerings and services.
“Glowforge was founded on the belief that anyone can express themselves any way they choose – an ode to creative freedom that has never been more important than it is today,” said Dan Shapiro, Chief Executive Officer and co-founder, Glowforge. “Each day I’m inspired by the millions of creations our users are making in their home, for their business, even at school. Whether they create as a form of creative escape, a way to earn extra income, or to transform their classroom, our users push us every day to keep innovating. This funding allows us to double down on our commitment to creators to make magical things for years to come.”
The financing comes on the heels of the company’s launch of Magic Canvas: the first use of generative AI to create physical products. Magic Canvas transforms a few words into a unique creation made of wood, acrylic, fabric – even chocolate – in just minutes. It uses a latent diffusion neural network to take a simple description and turn it into hardwood jewelry, slate coasters, eye-popping desserts, and more.
Innovations that harness emerging technologies, like Magic Canvas, are proving to be fruitful. Unlike other generative AI platforms that optimize for virtual content, Glowforge creators use Magic Canvas to create actual, physical works of art – generating 5,000 unique images each day. The innovation doesn’t stop in the home or at the office, with more 4,000 schools sparking imagination with Glowforge across the country.
In addition to crafters and students, small business owners and gig economy workers alike have also been flocking to Glowforge to fuel supplemental income at a time when Americans admit to living paycheck-to-paycheck. In fact, 88% of creators use their machine to generate supplemental income, making Glowforge a formidable side hustle in today’s economy.
“Glowforge continues to impress us by empowering creators to catapult their imagination into the real world, thanks to innovations like its generative AI – Magic Canvas,” said Barry Schuler, Partner and Co-founder, DFJ Growth. “It’s these innovations that will make it even easier for the next generation of creators/makers to build lucrative businesses on their own terms.”
Glowforge is the creator of the award-winning 3D laser printer that cuts, engraves, and scores hundreds of materials so you can make magical things. It was founded in 2015 by Chief Executive Officer, Dan Shapiro, and Chief Technology Officer, Mark Gosselin, and launched with the world’s largest crowdfunding campaign raising more than $27 million in pre-orders in 30 days. The company has since secured more than $135 million in funding from some of Silicon Valley’s most prominent investors including DFJ Growth and Revolution Growth. Unlike 3D printers that use additive technology to build objects out of plastic, Glowforge uses subtractive technology to cut and engrave products from durable and beautiful materials like wood, leather, acrylic, paper, fabric – even chocolate. A sleek and efficient design makes this industrial-grade technology beautiful and affordable, while its cloud-based app makes it easy to create magical things at the touch of a button. Glowforge is used by more than 100,000 creators and can be found in more than 4,000 schools in the U.S.