Seurat Technologies, a metal 3D printing company focused on high-volume, decarbonized industrial production, has raised $99 million in a Series C round led by NVentures, NVIDIA’s venture capital arm, and Capricorn’s Technology Impact Fund. Seurat’s latest funding round includes participation from new investors Honda Motor and Cubit Capital, and others, as well as participation from previous investors, True Ventures, SIP Global Partners, Porsche Automobil Holding SE, Denso Global, General Motors Ventures, Maniv Mobility LP, and Xerox Ventures.
According to Seurat, manufacturing is one of the largest contributors to greenhouse gas emissions, and is responsible for 31% of emissions in the US. Current manufacturing processes take too long, prevent innovation, contribute to climate change, stretch supply chains, and offshore jobs. The Biden Administration’s historic investments in green manufacturing and $6 billion commitment to cut industrial emissions have brought this issue to the forefront.
Powered by 100% green energy, Seurat is reinventing and reshoring manufacturing with its Area Printing technology developed at Lawrence Livermore National Laboratory. This metal 3D printing technology delivers high-precision, high-volume, decarbonized manufacturing – which Seurat anticipates will have the potential to directly mitigate as much as 100 million tons of CO2 by 2030.
“Our mission is to create a green manufacturing industry,” said James DeMuth, Co-founder and CEO of Seurat Technologies. “With our additive manufacturing technology, our print factories will provide our customers with clean manufacturing that can compete with the volumes, quality, and price points of traditional manufacturing. This new funding will enable Seurat to unlock our next phase of growth, deploy our new machines, and scale our factory capacity to meet current demands.”
“Seurat’s potential to disrupt and decarbonize the traditional metal parts manufacturing industry is tremendous,” said Ion Yadigaroglu, Partner at Capricorn. “We have been impressed from the early days of the company by James and his team’s technical expertise and acumen to build a highly scalable business, with applicability across numerous industries. We are excited to participate in this round of funding, which will enable the company to ramp up production capabilities at greater scale and ultimately grow its client base.”
Seurat plans to deploy its printing factories at or near customer sites around the world – enabling parts to be produced in closer proximity to where they are needed while reshoring supply chains and reducing emissions from transportation and global logistics.
“Accelerated computing is unlocking new capabilities within the manufacturing industry, while creating a path toward sustainability,” said Mohamed ‘Sid’ Siddeek, Corporate Vice President and Head of NVentures. “Seurat’s green approach to manufacturing will help transform industry standards.”
“Seurat has an innovative concept and technologies for metal additive manufacturing, and Honda has high expectations for their future potential,” said Manabu Ozawa, Managing Executive Officer of Honda Motor Co., Ltd. “The metal additive manufacturing technology will enable the enhancement of the value of products through innovative design, and as Honda strives to create the joy and freedom of mobility, we envision that this technology will be necessary for us. Honda will continue to search for, collaborate with, and invest in companies with a promising future through our global open innovation program – Honda Xcelerator Ventures.”
Seurat’s pilot factory, in the Greater Boston area, will have the capacity to produce more than 25 tons of metal parts annually and is already oversubscribed. Seurat also has commitments to develop 59 tons of additively manufactured metal components for Siemens Energy turbines over a six-year period for parts meeting the material qualification requirements. In all, Seurat has LOIs from six customers totaling 4,000 tons of material and over $750 million in projected revenue over the next several years. This business growth showcases the demand for change in the status quo of manufacturing.
Seurat has over 275 patents and trademarks, granted and pending.