Markforged, the Watertown-based maker of industrial 3D printers, raised $82 million in a Series D round led by Summit Partners. It will develop an advanced version of its product, fuel global expansion, double its headcount and add a new manufacturing facility in the Boston area.
Existing investors including Matrix Partners, Microsoft Ventures M12, Porsche SE and Siemens next47 also participated in the round, bringing the company’s total funding to $137 million.
Founded in 2013 by serial entrepreneur Gregory Mark, who has also founded and led companies like solar energy equipment maker Genasun and automotive startup Aeromotions, Markforged makes industrial 3D printers for metal, composite, and plastic parts. In September 2018, the company settled a trade secret and corporate espionage lawsuit with rival Desktop Metal.
Bryan Painter, Markforged’s vice president of strategic sales, noted that the company counts over 10,000 clients and has shipped 2,500 printers, making it the second largest additive manufacturing company in the world based on printer shipments.
The company is channeling its R&D efforts towards making an advanced version of its printer that would reduce cost as well as time.
“We want it to be like the holy grail of manufacturing,” Painter said. “We want to improve on our printers, processing and software.”
With Dublin, Ireland serving as its corporate headquarters in Europe, the company plans to add a regional headquarters in Asia this year, as well as double its global headcount in engineering. Closer home, in Boston, Markforged will add 200 jobs to its existing employee base of 230; these roles will be in software, mechanical, industrial engineering and material science. The company also plans to open an additional manufacturing facility in the greater Boston area this year.
