Formlabs, a 3D printing company, has raised a $150 million Series E funding round, doubling its valuation to $2 billion.

The Somerville, Massachusetts based company, founded in 2011, provides mid-market “prosumer” level devices, at lower prices than its industrial competitors.

Formlabs raised $3 million in a Kickstarter campaign for its “Form 2” printer in 2012, which was a record for a technology project at the time, exceeding the $2.5 million raised by Oculus Rift on Kickstarter in 2011.

The company has around 600 employees spread over offices in Germany, Japan, China, Singapore, Hungary, and North Carolina, and reports annual revenue of around $100 million.

Formlabs said it will use the funds to grow its portfolio of 3D printing technologies, improve its mass production and customisation, as well as to grow its headcount.

The company also cited a study which projected the size of the industry will exceed $51.77 billion by 2026.

In 2018, the World Trade Organisation predicted 3D printing, alongside the Internet of Things (IoT), artificial intelligence (AI), and blockchain, will increase trade growth by up to 34 per cent by 2030 thanks to lower costs and higher productivity.

The round was led by the SoftBank Vision Fund 2, the Japanese conglomerate’s secondary technology investment fund.

“Today, most 3D printing technology is still too expensive and difficult to use for widespread adoption,” said Max Lobovsky, chief executive and co-founder of Formlabs. “Our laser focus on improving the user experience and quality of these machines while bringing down the cost is central to our success and the growth of the industry.”

He added: “With this investment, we plan to expand our current portfolio of SLA and SLS technology and accelerate our product development to continue delivering on the expectations of the 3D printing industry.”

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