Seurat Technologies Closes $13.5 Million Series A Round Led by True Ventures
Funds Will Accelerate Commercialization of Breakthrough Metal Additive Manufacturing Technology
BOSTON, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Seurat Technologies today announced it has closed a $13.5 million Series A round of funding led by True Ventures. Additional investors include GM Ventures, Porsche SE, next47 on behalf of Siemens Power and Gas, and Maniv Mobility. The funds will be used to accelerate the commercialization of Seurat's breakthrough metal additive manufacturing technology. Seurat previously raised $3.41 million in a seed financing led by True Ventures in June 2016.
Seurat will bring to market an industrial metal printer with unparalleled speed and resolution. "We've been able to hit some significant milestones over the past few months," said Erik Toomre, CEO of Seurat Technologies. "These funds will give us the fuel we need to rapidly accelerate our ability to commercialize this breakthrough with an initial focus on the automotive, energy, and aerospace sectors."
"Metal additive manufacturing in its current form is still rooted in decades-old technology," said Rohit Sharma, venture partner at True Ventures. "We believe the Seurat team is primed to take metal printing from rapid prototyping and custom prints to industrial-grade scale."
Seurat's pioneering approach includes technology originally developed at Lawrence Livermore National Laboratory (LLNL) by a team that included Seurat's Chief Technology Officer, James DeMuth. Seurat has developed significant core technology since its inception and has applied for more than 20 patents. "Our ability to create this new technology would not have been possible without the leading-edge laser and optical engineering work performed at LLNL," DeMuth said.
"It's our goal to encourage rapid commercialization of technology developed at LLNL, especially when it can have the potential impact that this additive manufacturing breakthrough will bring to manufacturing," said Richard Rankin, Director of the Innovation and Partnerships Office at LLNL.
About Seurat Technologies
Founded in July 2015, Seurat Technologies is creating the next generation of metal printers designed for industrial scalability. Seurat's technology will allow manufacturers to cost effectively print metal at scale combining unprecedented speed, precision, part integrity and reliability. Learn more at www.seuratech.com.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With capital under management in excess of $1.4 billion, True provides seed and Series A funding to the most talented entrepreneurs in today's fastest growing markets. With more than 200 companies funded and multiple companies acquired, the current True portfolio has helped create over 8,500 jobs. Learn more at www.trueventures.com.
About Lawrence Livermore National Laboratory
Founded in 1952, Lawrence Livermore National Laboratory (www.llnl.gov) provides solutions to our nation's most important national security challenges through innovative science, engineering and technology. Lawrence Livermore National Laboratory is managed by Lawrence Livermore National Security, LLC for the U.S. Department of Energy's National Nuclear Security Administration.
Erik Toomre | CEO | Seurat Technologies Inc. | Tel: (617) 517-9752 | firstname.lastname@example.org
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Seurat Technologies via Globenewswire
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