Welcome back to the latest 3D printing news! Today, we’re excited to discuss Velo3D, a prominent player in the world of super alloy metal printing. But that’s not all – they’re going public, and it’s not your typical IPO. Velo3D is diving into the world of SPAC mergers, and it’s worth your attention. Let’s delve into their incredible journey.
The Rise of Velo3D
Amidst the flurry of companies going public, Velo3D is making a name for itself in the world of metal 3D printing. They’ve been successfully raising substantial funding, and this aerospace-grade, metal printing company has achieved a significant milestone by entering the mainstream market. In an industry where established giants like GE Additive, 3D Systems, EOS, and SLM Solutions dominate, Velo3D managed to stand out.
How did they do it? Velo3D introduced a game-changing software-run capability that dramatically reduces, or in some cases eliminates, the need for supports when 3D printing intricate geometries. This innovative approach has made Laser Powder Bed Fusion (LPBF) a far more competitive process among industry leaders.
Since their commercial launch in Q4 of 2018, Velo3D has collaborated with renowned customers, including SpaceX, Honeywell, Boom Supersonic, Chromalloy, and even Lam Research. While we at Vision Miner focus primarily on high-performance plastics and metal replacement polymers, Velo3D specializes in metals like Inconel, titanium, and aluminum. What sets them apart is their remarkable support-free printing process. They can handle overhangs down to 10 degrees without the need for supports. This is a huge leap from the industry standard of 30 to 60 degrees.
They’ve achieved the remarkable feat of creating enclosed domes with an interior diameter of over 100 millimeters without the need for supports. Additionally, Velo3D excels at crafting parts with conical surfaces, both inward and outward. They handle pins, thin walls, and the list goes on. One of their distinctive features is the free-floating parts methodology. While traditional metal 3D printing starts on a metal build plate, Velo3D’s technology allows them to print metal parts not attached to the plate. This is a game-changer as it simplifies post-printing processes.
The Road to Public Trading
Velo3D is embarking on a new journey by joining forces with Jaws Spitfire Acquisition Corp. The transaction is expected to finalize in the second half of 2021, and the combined entity will be known as Velo3D. Their stock will be listed on the New York Stock Exchange under the ticker symbol VLD.
Velo3D has garnered investments from various sources, including Piva Venture Venture Capital, which is the investment arm of Malaysia’s Patronus, Taiyo Nippon Sanso Corp, Benson River Venture Partners, Playground, and Coastal Adventures. This influx of capital will enable Velo3D to achieve sustainable profitability by mid-2022.
The SPAC Boom
Special Purpose Acquisition Companies (SPACs) have taken the financial world by storm. They offer a cost-effective way for companies to go public. Desktop Metal was the first 3D printing company to venture into the SPAC realm, and it was a resounding success. Other competitors quickly followed suit. As the world navigates through the COVID-19 crisis, global supply chains are evolving rapidly. Businesses are adapting, and SPACs are playing a pivotal role in raising capital for expansion and growth.
The merger is set to value the combined company at an enterprise value of approximately $1.6 billion. Velo3D will not only become a publicly traded entity, but they will also have a substantial cash reserve of $470 million. This positions them well for a future filled with innovation and progress.
If you found this content intriguing, please show your support by liking this video and subscribing to our channel. Your engagement goes a long way in helping us create more informative videos like this one. Explore our range of engineering filaments, accessories, tools, and industrial 3D printers at VisionMiner.com. If you have any questions, don’t hesitate to reach out. Thanks for joining us today, and have a fantastic day!