Formlabs Files for IPO: The Basement-Born Unicorn Leading Desktop Dental 3D Printing

Forbes believes that, according to SmarTech’s statistics, 88% of dental 3D printers are currently used in dental laboratories, with only 12% located in dentists’ offices (where clinics submit requests and have the printed materials mailed back).

There are approximately 200,000 dentists in the United States, but only 10,000 to 20,000 practice so-called “digital dentistry.” As dental 3D printers attract increasing attention from dentists, digital 3D dental printing is poised for a significant growth opportunity. Dental clinics will gradually begin adopting chairside 3D printers, eliminating the need for shipping and improving efficiency. VCBeat (WeChat ID: vcbeat) will introduce Formlabs, a leading brand in desktop dental 3D printing.

Headquartered in Boston, USA, with offices in Germany, Japan, and China, Formlabs designs and manufactures powerful, user-friendly 3D printing systems. As the leading brand in desktop SLA 3D printing, its products are renowned globally for their low cost, high precision, and ease of use, selling well in over 100 countries and regions worldwide. Formlabs is establishing industry benchmarks for professional 3D printing for engineers, designers, and manufacturers around the globe, while accelerating innovation across various sectors including education, dentistry, healthcare, jewelry, and research.

Looking back on Formlabs’ journey, the company was founded in 2011 by engineers and designers from MIT’s Media Lab and Center for Bits and Atoms. The company’s first 3D printer was born in the basement of Max Lobovsky (current CEO), an MIT engineer, and it has since grown into a leader in the desktop 3D printing field.

Max Lobovsky, Co-founder and CEO of Formlabs

As the company expands its business in China, it adheres to the philosophy of making 3D-printed products affordable for the general public, aiming to promote the widespread adoption of 3D printing technology and allow more people to experience its benefits. In January 2018, the company announced a 30% price reduction for four commonly used 3D printing resin materials in the Chinese market. Additionally, Formlabs offers up to 14 types of resin materials to meet users’ needs across various industry applications.

According to available data, Formlabs has achieved the following: it ranks first globally in sales of stereolithography (SLA) 3D printers; it is a profitable company with an average annual revenue growth rate of 100% for five consecutive years and annual turnover exceeding $100 million; in the first half of this year, it expanded into the Chinese and Asia-Pacific markets alongside its Series C financing round; it employs over 500 people and maintains offices in North America, Europe, and Asia; its innovative customer base continues to grow across various sectors, ranging from large multinational corporations to small institutions.

In November 2012, Formlabs raised $2.88 million from backers in 35 countries on the crowdfunding platform Kickstarter to mass-produce its Form 1 3D printer. The Form 1 is a desktop 3D printer that leverages stereolithography (SLA) technology to achieve high-precision print quality.

In October 2013, Formlabs announced that it had secured $19 million in Series A venture capital financing, led by DFJ Growth, with participation from investors such as Pitango Venture Capital and Innovation Endeavors. Formlabs utilized these funds to expand its design and research teams, enhance its marketing and customer support capabilities, and advance its internationalization efforts.

In August 2013, Formlabs completed a $35 million (approximately RMB 232 million) Series B financing round. The lead investor was Foundry Group, with other investors including DFJ Growth, Pitango Venture Capital, and Pascal Cagni. Max Lobovsky, CEO and co-founder of Formlabs, stated that the new investment would be used to develop new materials and equipment, making stereolithography (SLA) 3D printing more accessible to the general public and thereby accelerating the rapid development of the 3D printing industry.

In April 2018, Formlabs announced that it had raised $30 million in Series C financing, led by Tyche Partners with participation from Shenzhen Capital Group and UpNorth. Existing investors DFJ, Pitango, and Foundry Group also participated in the round. Total funding after the Series C round reached $85 million.

On July 24, 2018, Formlabs announced that it had raised $20 million in funding from the global venture capital firm New Enterprise Associates (NEA).

Formlabs is currently valued at over $1 billion, with total funding to date reaching $100 million. Meanwhile, Jeff Immelt, former Chairman and CEO of GE, has joined the Formlabs Board of Directors. Jeff’s addition, along with NEA’s latest round of financing, will help Formlabs better position itself for sustained global growth and expand its business into additional product lines.

Formlabs’ product lineup includes the Form 2 SLA 3D printer, the Fuse 1 SLS 3D printer, the Form Cell manufacturing solution, and the Pinshape 3D design platform. Formlabs has also developed its own suite of high-performance 3D printing materials, as well as best-in-class 3D printing software.

On June 10, 2014, it launched its next-generation stereolithography (SLA) 3D printer, the Form 1+.

The Form 1+ introduces extensive modifications to the existing Form 1 3D printer. Equipped with a second-generation laser system, the Form 1+ is claimed by the company to be four times more powerful than the original laser system in the Form 1. The Form 1+ 3D printer offers a 50% increase in printing speed, while producing models with finer details and superior surface finish. Formlabs has completely overhauled the entire system, redesigning the galvanometer control system, incorporating an enhanced peel motor assembly, and adding a new light-blocking resin tank for stereolithography.

The Form 1+ is priced at $3,299 per unit, the same as the previous Form 1. The Form 1+ bears a strong resemblance in appearance to its predecessor. Its maximum build volume remains unchanged at 125 x 125 x 125 mm.

Launched the new Form2 stereolithography (SLA) 3D printer in September 2015. Compared with the Form1, the Form2 features numerous improvements:

First, the build volume has nearly doubled to 145 mm × 145 mm × 175 mm, increasing printing capacity by 40%;

Second, the laser power has been increased by 50% to 250 mW, enabling improved resolution with a minimum layer thickness of 25 μm;

Third, equipped with a sliding peeling mechanism, a wiper, and a heated resin vat, it can effectively print large objects requiring intricate details;

Fourth, it is also equipped with an automatic system that enables material replenishment using a new resin cartridge during the printing process.

In addition to the above, the Form 2 is equipped with an upgraded version of Formlabs’ PreForm software. This software features a “one-click printing” function that simplifies the entire printing process. Furthermore, the Form 2 supports wireless printing, allowing users to control the printing process via mobile devices, PCs, or tablets. Finally, it comes with a full-touchscreen display that enables users to manage print queues and monitor machine status. The retail price is $3,499, which includes the Formlabs PreForm software, one liter of resin material, and a toolkit for post-processing finished parts.

Additionally, the company has launched two new 3D printing resin materials specifically for dental applications, named Dental Model and Dental LT Clear. The primary feature of the first product, Dental Model, is its high precision, making it suitable for printing removable crown and bridge models.

The main feature of Dental Model is high precision.

The key feature of Dental LT Clear is its long-term biocompatibility, making it suitable for directly printing dental prostheses such as dentures, aligners, and splints. On October 13, 2017, Formlabs launched a new 3D printing resin material designed specifically for the dental industry—Dental LT Clear. It is touted as the first biocompatible resin intended for long-term use, applicable for 3D printing orthodontic devices such as aligners.

The main feature of Dental LT Clear is its long-term biocompatibility.

According to Formlabs, Dental LT Clear is the fastest-printing material in their portfolio, making it highly suitable for producing orthodontic appliances such as splints and retainers. With this material, users can print any of these devices in approximately 50 minutes, and a single printer can produce up to seven splints within two hours.

It is worth noting that, in addition to launching Dental LT Clear, Formlabs has also upgraded and improved its previously released Dental SG resin, enhancing its printing speed. “When combined with Dental SG and our latest version of PreForm software, the speed of printing surgical guides can be increased by 50%,” stated Formlabs.

On March 10, 2015, Formlabs, the creator of the Form 1+ desktop 3D printer, announced a strategic partnership with Xi’an Feifanshi Robotics Technology Co., Ltd., a leading high-tech product distributor in China. Through this collaboration with its strategic partner, Xi’an Feifanshi, Formlabs will bring its stereolithography (SLA) 3D printing technology to the Chinese market.

To meet the growing demand in the Chinese market, Xi’an Feifanshi will become Formlabs’ first official distributor in China, providing sales and service support. This partnership ensures that Formlabs’ customers in China receive customer service and after-sales support of the same high standard as those offered in the European and North American markets.

Leveraging 3D printing and 3D scanning technologies, clear aligner therapy utilizes thermoformed appliances made from high-polymer resin materials. Patients replace these aligners every two weeks to achieve gradual tooth movement, offering a complete alternative to traditional metal brackets for approximately 30% of patients.

 The Process of 3D-Printed Clear Aligners

In the domestic market, there are also several competing brands. The MoonRay series is a desktop DLP 3D printer independently developed by Realist Technology, integrating multiple advanced technologies such as a UV LED optical engine system, automatic light intensity calibration, anti-watermark technology, and fully automated support generation algorithms. Among these, the MoonRay-D and MoonRay-S models can easily, quickly, and precisely print dental models, crowns, surgical guides, and other products, primarily serving the dental industry.

According to the marketing manager at SprintRay, a subsidiary of Xunshi Technology, using MoonRay enables dentists to perform surgeries with greater accuracy, safety, and speed. From the perspectives of marketers and dental patients, these “digital dentists” can provide better care to patients.

MoonRay-D is a stereolithography (SLA) 3D printer developed by RealWiz Technology specifically for the dental industry. Designed to meet the stringent requirements of dental applications, it features the next-generation RayOne optical engine and proprietary software, which enhance printing precision and ensure dimensional stability. This integration optimizes product accuracy and boosts production efficiency in dental manufacturing.

Xunshi Technology also stated that the dental 3D printing industry is currently in a phase of rapid development, with promising prospects and a vast consumer market.

Author: Chen Zhongyao

Editor: Gao Daolong

Image Sources and References:

https://formlabs.com/zh/

http://www.nanjixiong.com/search.php?mod=forum&searchid=12541&orderby=lastpost&ascdesc=desc&searchsubmit=yes&kw=formlabs

http://xun-shi.com/productshow-7-72.html