The list of Boston private companies having valuations of at least $1 billion, also known as "unicorns," keeps getting longer.
Less than a month after restaurant management platform Toast claimed unicorn status after closing $115 million Series D, another local tech company is joining the exclusive club—this time, from the 3D printing world.
Formlabs, a designer and manufacturer of 3D printing systems headquartered in Somerville, announced on Wednesday it has raised $15 million in funding from venture capital firm New Enterprise Associates (NEA).
Also, Jeff Immelt, former chairman and CEO of GE, is joining the company's board of directors. Less than a month ago, Immelt joined the board of another local 3D printing unicorn, Desktop Metal.
Formlabs said that the recent round values the company at over $1 billion, bringing the total funding to date to over $100 million.
Not much time has passed since the company's latest round. At the end of April, Formlabs announced the completion of a $30 million Series C round led by Tyche Partners, a Menlo Park, Calif.-based VC firm.
Shortly after that, Formlabs opened its third office in the greater Boston area, a futuristic, 18,000-square-foot place featuring models of aliens and fantasy monsters. The Somerville space is home to 125 employees in the sales and services team and 40 interns.
Formlabs is the second local 3D printing startup that we know about to gain a billion-dollar valuation. Last summer, Desktop Metal, a metal 3D printing startup backed by GE Venture and GV (formerly Google Ventures), joined the ranks of other unicorns after a $115 million Series D. Notable Boston-area unicorns include Toast, DraftKings, Actifio and Indigo.
Founded in 2011 by a team of engineers and designers from the MIT Media Lab and Center for Bits and Atoms, Formlabs has offices in Germany, Japan and China.
