19 May 2023
Magic Canvas, the latest product, uses “latent diffusion neural network” to enable production of intricate designs.Glowforge, creator of a commercial 3D laser printer, announced it has raised an additional $20 million in Series E funds, bringing its total financing to $135 million since its founding in 2015.
Returning investors DFJ Growth and Foundry Group co-led the round, which saw additional funding from Revolution Growth and True Ventures, also returning investors. Seattle, Wa.-based Glowforge will use the funding to accelerate innovation and expand product offerings and services.
“Glowforge was founded on the belief that anyone can express themselves any way they choose – an ode to creative freedom that has never been more important than it is today,” said Dan Shapiro, Chief Executive Officer and co-founder, Glowforge.
He added, “Each day I’m inspired by the millions of creations our users are making in their home, for their business, even at school. Whether they create as a form of creative escape, a way to earn extra income, or to transform their classroom, our users push us every day to keep innovating. This funding allows us to double down on our commitment to creators to make magical things for years to come.”
Barry Schuler, Partner and co-founder at investor DFJ Growth, commented, “Glowforge continues to impress us by empowering creators to catapult their imagination into the real world, thanks to innovations like its generative AI – Magic Canvas. It’s these innovations that will make it even easier for the next generation of creators to build lucrative businesses on their own terms.”
The financing follows the company’s launch of Magic Canvas: the first use of generative AI to create physical products. Magic Canvas can transform a few words into a creation made of wood, acrylic, fabric – even chocolate – in just minutes. It uses a latent diffusion neural network to take a simple description and turn it into hardwood jewelry, slate coasters, and desserts, for example.
Glowforge is the creator of a 3D laser printer that cuts, engraves, and scores hundreds of materials. It was founded in 2015 by Chief Executive Officer, Dan Shapiro, and Chief Technology Officer, Mark Gosselin, and launched with the world’s largest crowdfunding campaign raising more than $27 million in pre-orders in 30 days.
The company has since secured more than $135 million in funding from some of Silicon Valley’s most prominent investors including DFJ Growth and Revolution Growth. Unlike 3D printers that use additive technology to build objects out of plastic, Glowforge uses subtractive technology to cut and engrave products from materials like wood, leather, acrylic, paper, fabric and foodstuffs.
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