Watertown-based Markforged, a 3D-printing firm, said on Wednesday that it plans to go public through a $2.1 billion merger with a special purpose acquisition company.
It was one of two big SPAC announcements in Massachusetts on Wednesday — warehouse robotics company Berkshire Grey said it would go public in a deal that values it at $2.7 billion. Markforged will merge with a SPAC called one, led by tech investor Kevin Hartz, the cofounder and chairman of event management company Eventbrite. Hartz was an early backer of PayPal, Uber, and Airbnb.
Markforged pairs industrial 3D printers with artificial intelligence software, allowing manufacturers and designers to create parts on the spot. The company says its product also can help companies create “resilient and agile” supply chains so they can scale quickly or avoid shortages. Markforged said its technology is used in 10,000 facilities in 70 countries by organizations that include NASA, Toyota, Tesla, and the US Air Force.
“Our customers use our solutions today to replace steel and aluminum... and optimize their supply chains and product capabilities,” said Shai Terem, chief executive of Markforged, in a call with investors. “Markforged has a clear path to scalable and profitable growth.”
The company said it brought in $70 million in revenue last year and projects that figure to grow by a factor of 10 by 2025. It expects to be profitable in 2024.
Markforged raised $82 million in venture capital funding in 2019, bringing its total haul to about $137 million since the company was founded in 2013 by two graduates of the Massachusetts Institute of Technology. The company has more than 250 employees globally.
Competitor Desktop Metal, which is based in Burlington, said in August 2020 that it would go public through a SPAC deal, too. That deal valued Desktop Metal at $2.5 billion, and its current market capitalization is $5.1 billion.