04-28-2020: Velo3D raised an additional $28M in a Series D funding round
To that day the company had secured a total of $138 million
On April 28, 2020, Velo3D — an American manufacturer of Laser PBF metal 3D printers — announced the completion of its Series D funding round, in which it raised $28 million. Summing all sources of funding up to that point, the company had secured a total of $138 million.
Founded in 2014 by Benny Buller, the company introduced in 2020 a new generation of its Sapphire system, enabling additive manufacturing of metal parts up to one meter in height. The machine featured a build plate with a 315 mm diameter and utilized two 1kW lasers for material fusion.
The funds raised were intended to expand the machine portfolio and enhance the capabilities of existing systems with new features. Another goal was to develop a broader line of compatible consumable materials.
Now, attention! According to the strategy presented at that time, the company aimed to achieve sustainable profitability by mid-2022.
In March 2021, the company went public through a merger with the SPAC Jaws Spitfire Acquisition Corp, reaching a valuation of $1.6 billion. Unfortunately, after its stock market debut, Velo3D struggled with significant financial difficulties. In 2023, revenues totaled $98.3 million, falling short of the projected range of $120–130 million, while the net loss grew to $153.1 million from $105.5 million in 2022. The fourth quarter of 2023 was particularly challenging, with revenues of just $2 million and a net loss of $58.2 million, reflecting declining sales and operational issues.
In December 2023, the NYSE notified Velo3D of non-compliance with minimum share price requirements, initiating the delisting process. Benny Buller stepped down as CEO. Ultimately, in September 2024, the company was delisted from the NYSE and moved to the OTCQX Best Market under the symbol VLDX due to its failure to meet capitalization requirements.
In December 2024, Velo3D underwent a major restructuring, in which Arrayed Notes Acquisition Corp, a subsidiary of Arrayed Additive, acquired 95% of the company's shares in exchange for canceling $22.4 million of debt, significantly reducing its financial burden. Arun Jeldi, CEO of Arrayed Additive, became the new CEO of Velo3D.
Benny Buller is now developing a new startup, Uptool — “an AI Operating System for Manufacturing.”
Source: www.velo3d.com & www.crunchbase.com
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