Business & Tech
Somerville 3-D Printing Startup Valued At $1B
Formlabs also recently added former GE chairman and CEO Jeff Immelt to its board.

SOMERVILLE, MA – A Somerville-based 3-D printing startup was recently valued at $1 billion after a new round of venture capital funding. Formlabs received $15 million from New Enterprise Associates, totaling $100 million in funding, according to Forbes. The Medford Street company has now joined the ranks of Airbnb, Uber and Facebook as the tech industry's latest "unicorn," a startup that is valued at over $ 1 billion.
Formlabs also added Jeff Immelt, former chairman and CEO of General Electric and a current venture partner at New Enterprise Associates, to its board of directors. Maxim Lobovsky, co-founder and CEO of Formlabs, told Forbes the company has experienced recent success shipping quality printers in higher numbers.
Formlabs was founded in 2011 by three classmates at the MIT Media Lab, raising close to $3 million on Kickstarter the following year. The company caters to professionals who need to print specific parts for larger projects.
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