The Series C funding round was led by NVIDIA and Capricorn, with support from SIP Global Partners, Denso Global, True Ventures, Cubit Capital, Honda Innovations, Porsche SE, Xerox Ventures among others
BOSTON, Oct. 31, 2023 /PRNewswire-PRWeb/ -- SIP Global Partners, a US-Japan VC firm investing in early-stage decarbonization technology, announced today its investment in Seurat Technologies, Inc.'s ("Seurat") Series C round following initial investment in 2021. Seurat is a provider of scalable metal additive manufacturing technology. Their revolutionary area printing process dramatically lowers cost and emissions, allowing for high-precision, high-volume, decarbonized components production.
The $99M Series C funding round will be used to deploy local printing factories and scale production capabilities to meet customer demand. Seurat will reshore critical supply chains by fixing its printing factories at or proximate to customer sites, dramatically reducing transportation and logistics emissions.
SIP participated in the Series C round alongside new and existing investors including NVIDIA, Capricorn, Honda Innovations, Cubit Capital, True Ventures, Porsche Automobil Holding SE, Denso Global, General Motors Ventures, Maniv Mobility LP, and Xerox Ventures.
"We strongly believe that Seurat is going to fundamentally transform the metal parts manufacturing industry worldwide," stated Jeffrey Smith, General Partner of SIP GP. "Their process is more efficient, cheaper and vastly less carbon intensive. The reshoring opportunities in North American and Japan are truly massive and we're thrilled to be a part of it.
Manufacturing processes are time, resource and carbon-intensive – 31% of US emissions are contributed by manufacturing. Seurat's precision 3D metal printing platform can be powered by 100% green energy, reducing carbon emissions and resource waste. The technology is expected to directly mitigate as much as 100 million tons of CO2 by 2030.
Capacity for the company's initial 25-ton Greater Boston pilot factory is oversubscribed. Seurat has received LOIs from six customers totaling 4,000 tons of material and over $750M in revenue. The company has further committed to develop 59 tons of additively manufactured metal components for Siemens Energy turbines.
"Our mission is to create a green manufacturing industry," said James DeMuth, co-founder and CEO of Seurat. "SIP's cross-border ecosystem across the US and Asia makes them the ideal venture partner as Seurat unlocks our next growth phase, deploys our new machines, and scales our factory capacity to meet current demands."
Seurat's technology originated at Lawrence Livermore National Laboratory where James DeMuth was a co-inventor and key developer. The company has over 275 patents and trademarks, granted and pending.
About SIP Global Partners
SIP Global Partners invests in early-stage companies driving the decarbonization of the world's largest emitting industries at GNP level scale. SIP leverages its dual-headquarters in the US and Japan, its principals' 40-year history of building global companies and unique market access to accelerate growth for portfolio companies in Japan and Greater Asia. For more information, visit https://sipgp.com.
SOURCE SIP Global Partners