NVBOTS, a Boston-based 3D printing startup, announced on Thursday it has raised a Series A round led by Woodman Asset Management and named a former venture capitalist as its new CEO.
The startup didn't disclose the amount of its new funding round, but said it will be used to push sales of its NVPro plastics printers as well as the development of its new multi-metal printers.
Duncan McCallum, who was previously a VC as Bessemer Venture Partners and Flagship Ventures, is joining as CEO, taking of the position of founder AJ Perez, who will now serve as chairman and lead the startup's NVLABS business. McCallum has also co-founded and sold two companies, Cilk Arts and VeloBit.
"The market for cost-effective, fast, and automated 3D printers is well over $10 billion," Alexander J. Bischoff, Head of Venture Capital at Woodman, said in a statement. "NVBOTS, with its established NVPro plastics printing platform, high-speed metal printing technology, and exceptional team, is poised to lead this rapidly growing category."
While the startup declined to disclose any financial figures, it said it has printers at more than 50 organizations, including Staples and advanced cutting systems manufacturer HyperTerm. In a statement, Perez said the business is rapidly growing.
NVBOTS said its new multi-metal printers will use a proprietary metal additive deposition that will make them "dramatically" faster, lower power and lower cost than competing 3D metal printing technologies. The startup is targeting several industries for its 3D metal printer, including aerospace and defense, automotive, industrial and medical.
The startup currently has about 20 employees and plans to double that number in the next year.
