Albuquerque-based electronics company 3D Glass Solutions reported a $20 million fundraise on Tuesday, unveiling one of the larger publicly-known startup investment rounds in New Mexico during the past year.
The round was led by Intel Capital — an investment arm of California semiconductor chip giant Intel — according to 3D Glass Solutions. CerraCap Ventures out of Costa Mesa, California, and Lockheed Martin Ventures of engineering firm Lockheed Martin and Nagase & Co. Ltd. also participated, according to a release from 3D Glass Solutions.
With the investment round, David Flanagan of Intel Capital, Jeff Cunningham of Lockheed Martin and Yoriyuki Yamashiro of Nagase will join 3D Glass's board of directors, according to the Albuquerque startup. Founded in 2008, 3D Glass Solutions develops and manufactures high-frequency components for electronics.
“Closing [this funding round] is a monumental growth inflection point for 3DGS. The company has an aggressive revenue growth strategy planned out and this round will play an integral role in fueling it," said Mark Popovich, president and CEO of 3D Glass Solutions, in a prepared statement. "We are continuing our investment in transitioning operations to higher volume production, in response to our customers’ demands."
With the money, 3D Glass will purchase manufacturing equipment, expand its manufacturing cleanrooms and "increase headcount" for production, sales management and engineering teams, per the release. 3D Glass Solutions is located at 5601 Balloon Fiesta Parkway NE.
The announcement comes three years after the state, under former Gov. Susana Martinez, announced 3D Glass Solutions planned to create as many as 139 jobs over a five-year period as part of a $23 million investment. As part of the project, the New Mexico Economic Development Department pledged as much as $2 million in Local Economic Development Act funding, meant to support expanding or relocating businesses that will spur economic development.
In 2019, 3D Glass Solutions also disclosed a $12 million fundraise led by Nagase.
