24 Jun 2021
Series B funding round from Capricorn’s Technology Impact Fund follows $13.5 M financing led by True Ventures in 2018.Seurat Technologies, based in Wilmington, Mass., has closed a $41 million Series B round of funding led by Capricorn’s Technology Impact Fund. The cash will be used “to further accelerate the development and commercialization of Seurat’s pioneering metal additive manufacturing technology, Area Printing.”
The company, which is named after the French post-impressionist painter, previously raised $13.5 million in Series A financing led by True Ventures in January 2018.
Seurat’s Area Printing technology is a metal additive manufacturing process, which the company says “has enormous potential for infinite scalability”.
The Area Printing process is differentiated from existing additive technologies in that it focuses over two million points of laser light on a bed of metal powder—each point fully controllable in power and duration—to create production-grade, fully functional components.
James DeMuth, Seurat’s CEO and co-founder, commented, “We are bringing to market a completely revolutionary technology. Think evolving from writing a letter to the advent of the printing press, but with lasers printing metal parts. Bringing on new financial and strategic investors at the caliber of Capricorn will greatly aid Seurat in taking the big next step forward towards commercialization.”
Ion Yadigaroglu, Partner of the Technology Impact Fund and Capricorn Investment Group, said, “Capricorn invests in fast-growing companies with superior management teams that are fundamentally transforming industries. Seurat is clearly a disruptor in the additive manufacturing space, offering a powerful Area Printing technology platform that creates significant value to the manufacturing sector.”
In addition to Capricorn’s commitment, Seurat’s latest funding round is also supported by new investments from leading mobility supplier Denso, as well as continued support from True Ventures, GM Ventures, Porsche Automobil Holding, Siemens Energy, and Maniv Mobility.
“Working with Seurat advances Denso’s Industry 4.0 journey and keeps us at the forefront of manufacturing technology,” said Tony Cannestra, director of Corporate Ventures at Denso. “It also supports our broader investment strategy, which focuses on collaborations that speed innovation, help meet customer needs and get us closer to a greener, safer, more seamless mobility future.”
Seurat's Area Printing technology shatters the existing barrier of cost per part. The first system generation will already offer a cost reduction of 50% compared to today’s Additive Manufacturing technologies. This technology principle, however, has the potential to decrease cost much further and future Seurat AM Area Printers will target manufacturing costs below conventional die casting processes by the year of 2030.