Oct 30 (Reuters) – 3D metal-printing startup Seurat Applied sciences on Monday hinted at doubtlessly going public within the medium-term and mentioned it had raised $99 million in a funding spherical co-led by chip designer Nvidia’s (NVDA.O) enterprise capital arm.
With the most recent sequence C funding spherical, the corporate’s valuation will strategy $350 million, mentioned a supply who requested to not be named.
“I anticipate that (going public) is in our playing cards … 12-18 months is the earliest we might think about that … doubtlessly extra like 24 or 36,” Seurat CEO James DeMuth informed Reuters in an interview, including that proceeds from the financing spherical will probably be used to deploy its manufacturing printers.
The fundraise, co-led by Nvidia’s NVentures and Capricorn’s Know-how Impression Fund, introduced in new traders Honda Motor (7267.T) and Cubit Capital. Current backers together with Porsche and enterprise capital items of Xerox Holdings (XRX.O) and Normal Motors Co (GM.N) additionally participated.
Seurat is seeking to convey components manufacturing, with its inexperienced energy-powered Space Printing know-how, nearer to buyer factories world wide in a bid to reshore provide chains and slash emissions.
Over the previous couple of years, corporations throughout industries globally have been seeking to diversify provide chains to cut back their dependence on China to deal with enterprise continuity issues and as U.S.-Sino commerce tensions warmth up.
“Seurat’s native manufacturing unit deployment mannequin gives the business with an answer to near-shore manufacturing and to extend the resiliency of provide chains,” mentioned current investor Porsche Automobil Holding’s (PSHG_p.DE) board member Lutz Meschke.
Seurat additionally has commitments to produce 59 tons of steel elements for Siemens Power’s (ENR1n.DE) generators over a six-year interval and the startup mentioned earlier this month that it had obtained letters of intent from world producers exceeding capability of its pilot manufacturing unit in Massachusetts.
The corporate mentioned it had letters of intent from six prospects totaling 4,000 tons of fabric, setting it up for $750 million in income over a number of years.
Reporting by Akash Sriram in Bengaluru; Enhancing by Devika Syamnath
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