Carbon Acquisition, Valuation, Funding & Investors

Carbon was acquired by Perplexity in December 2024.

Carbon acquisition price

Undisclosed

Acquired by Perplexity · Dec 2024

Cumulative funding Carbon raised

$745M

across 9 funding rounds

Key investors in Carbon

  • Sequoia Capital
  • Silver Lake
  • Northgate Capital
  • Baillie Gifford
  • JSR
  • GV
  • Fidelity
  • GE Ventures

Carbon Overview

About Carbon

Carbon is a retrieval-augmented generation platform providing large language models with external data search capabilities across multimedia formats. San Francisco-headquartered, it supports PDFs, images, audio, and videos from cloud storages like AWS S3 and Google Drive. SDKs facilitate developer integration for access controls and file syncing in tech, education, and finance sectors.


Founded

2022

HQ

United StatesSeattle, WA

Website

carbon.ai

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$2.4B (Jun 2019)

Carbon Acquisition

Carbon was acquired by Perplexity for an undisclosed price on 18 December 2024.

Before the acquisition Carbon had raised $745M across 9 funding rounds.

Carbon, a Seattle-based startup founded in 2022, develops a retrieval engine that connects external data sources to large language models using retrieval augmented generation (RAG) technology. The platform streamlines access to unstructured data from applications like Notion, Google Docs, Slack, Google Drive, and SharePoint, enabling AI systems to pull insights from internal databases, cloud storage, and document repositories. Carbon had raised $1.3 million in seed funding in 2023 from investors including Treble, MKT1, and angels, and employed four people led by CEO Derek Tu. Perplexity AI, a San Francisco-based AI-powered answer engine valued at $9 billion following a $500 million funding round led by Institutional Venture Partners in December 2024, acquired Carbon for an undisclosed amount. This marks Perplexity's second acquisition after Spellwise in 2023. The deal integrates Carbon's data connectors into Perplexity's tech stack to enhance personal AI functionality across home, work, and mobile workflows, with features rolling out in early 2025; the entire Carbon team joins Perplexity to accelerate development of enterprise search capabilities like Spaces and Internal File Search. The acquisition occurs amid intensifying competition in enterprise AI search, where rivals like OpenAI restrict investor overlap with leaders such as Glean Technologies, and follows Perplexity's 2024 product expansions including Enterprise Pro and live earnings call analysis. Perplexity CEO Aravind Srinivas stated the move enables seamless research across diverse sources without manual platform switching, positioning it against OpenAI and others converging on chat interfaces with personal data integration.

Carbon acquisition details
AcquirerDateType
18 Dec 2024Strategic M&A

Carbon Valuation

Carbon is currently valued at $2.4B, based on its Series E in June 2019.

The $260M round was led by Baillie Gifford and Madrone Capital Partners, with participation from Next Play Capital, Temasek, Erwin Arkema, Hydra, Fidelity and 4 other investors.

Carbon's valuation has grown 2.4x from $1B at its Series C in September 2016 to $2.4B in June 2019, across 3 priced rounds.

Carbon valuation by funding round

Carbon valuation by funding round
DateStageValuation
Jun 2019Series E$2.4B
Dec 2017Series D$1.7B
Sep 2016Series C$1B

Carbon Funding History

Carbon has raised a total of $745M across 9 funding rounds.

Carbon's first fundraising round was a $11M Series A in December 2013. The most recent completed round was a $60M undisclosed-stage round in November 2025.

Carbon funding rounds

Carbon funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2025Undisclosed stageSequoia Capital (lead); Baillie Gifford; Silver Lake; Northgate Capital; adidas; Madrone Capital$60M-Carbon, Inc., a Silicon Valley-based additive manufacturing company founded in 2013, specializes in digital production at scale using its Digital Light Synthesis (DLS) process, which combines proprietary printers, resins, software, and materials science to enable high-performance polymer parts for industries including consumer goods, medical, dental, industrial, and sports. The company partners with global brands for customized products like NFL helmets, athletic footwear, dental prosthetics, and high-performance bike saddles used by top Tour de France riders in 2025, producing hundreds of thousands of units and millions of custom dental parts weekly. Carbon manufactures resins across three continents to address tariffs and geopolitical risks, supporting reindustrialization trends in the US and Europe. On November 12, 2025, Carbon raised $60 million in a funding round led by existing investors Sequoia Capital and Silver Lake, with participation from adidas, Baillie Gifford, Madrone Capital, and Northgate Capital. This marks one of the largest additive manufacturing deals in years amid industry challenges like Desktop Metal's bankruptcy. The capital aims to bridge to cash-flow positive operations, scale production capacity, and solidify Carbon's leadership with improved efficiencies, new products, and deeper customer relationships, despite recent layoffs. Having previously raised nearly $700 million across rounds, Carbon is positioning for potential future IPO while expanding its versatile on-demand manufacturing for local economies. Investors like Sequoia highlight Carbon's proven multi-industry success and technology as key to the next era of US digital manufacturing.
Dec 2023SeedMKT1 Capital (lead); Treble (lead)$1M-Carbon is a Seattle-based startup founded in 2022 that streamlines connections between large language models and unstructured data from third-party applications like Google Drive and SharePoint. The company raised a $1.3 million seed round in 2023 from investors including Treble and MKT1 Capital, along with several angels. Carbon had four employees at the time and was later acquired by Perplexity, an AI search company valued at $9 billion, with the team joining Perplexity in San Francisco. Carbon's CEO Derek Tu described the outcome as solid for investors and the team, noting its evolution into a leading solution for generative AI data connectivity.
Dec 2021SeedSharesPro$1M--
Jun 2019Series EBaillie Gifford (lead); Madrone Capital Partners (lead); Next Play Capital; Temasek; Erwin Arkema; Hydra; Fidelity; Sequoia Capital; JSR; Kevin F. Li; Johnson & Johnson Innovation$260M$2.4BCarbon is a digital manufacturing platform founded in 2013 and headquartered in Redwood City, California. The company develops 3D printing technology combining custom software, Digital Light Synthesis hardware, and advanced materials for applications across automotive, dental, industrial, life sciences, and consumer products sectors. In June 2019, Carbon announced a Series E funding round raising over $260 million in growth capital co-led by Madrone Capital Partners and Baillie Gifford, with participation from new investors Temasek and Arkema alongside existing backers Sequoia Capital, Johnson & Johnson Innovation (JJDC), Fidelity Management & Research Company, adidas Ventures, and JSR Corporation. This brought the company's total fundraising to more than $680 million. The round valued the company at $2,400 million post-money as of April 2019. At the time of the funding announcement, Carbon was operational in 14 countries and demonstrated strong traction with a 33X increase in print volumes over the prior 12 months and more than 5X increase in print hours, supported by the release of 17 new third-party resins and three new first-party resins. The company's investors highlighted Carbon's success in proving that additive manufacturing at scale was becoming a reality across automotive, healthcare, and consumer goods industries through partnerships with large manufacturers upgrading from analog to digital manufacturing workflows.
Dec 2017Series DNext Play Capital; Baillie Gifford; Silver Lake; Emerson Collective; ARCHina Capital Partners; Hydra; Reinet Investments; Fidelity; Sequoia Capital; JSR; GE Ventures; Johnson & Johnson Innovation$200M$1.7BCarbon is a 3D printing company founded in 2013 by Joseph DeSimone and Philip DeSimone, specializing in light-driven, high-tech 3D printing technologies for scalable manufacturing, serving partners like adidas, Ford, and Lamborghini. The company closed a $200 million Series D funding round in December 2017, with investors including Sequoia Capital, Baillie Gifford, ARCHina Capital Partners, Emerson Collective, Fidelity, GE Ventures, Hydra, Johnson & Johnson Robotics and Digital Solutions, JSR, Next Play Capital, Reinet Investments S.C.A., and Silver Lake. The Series D funding supported high-profile manufacturing partnerships and growth of Carbon's 3D printing platform. By the time of its next raise, a $260 million Series E in April 2019 led by Madrone Capital Partners and Baillie Gifford with participation from Sequoia Capital, Johnson & Johnson Innovation, and others, Carbon had raised a total of $682 million and grown to 400 employees, pushing its post-money valuation to nearly $2.4 billion. Carbon continued expanding post-2017, establishing an Advanced Development Facility for R&D, international growth in Europe and Asia, recyclable and biocompatible materials, and software enhancements. Subsequent rounds included a shareholder liquidity event in 2020 and further funding up to $752 million total by 2025, with valuations reaching $2.4 billion in 2019 per multiple sources. The company focuses on production-scale 3D printing, positioning it competitively in additive manufacturing against traditional methods.
Sep 2016Series CBMW i Ventures (lead); GE Ventures (lead); ARCHina Capital Partners; GV; Nikon; Sequoia Capital; JSR$81M$1BCarbon is a 3D printing company developing continuous liquid interface production (CLIP) technology, which uses light and oxygen to grow parts continuously, distinguishing it from traditional layer-by-layer 3D printing. In September 2016, Carbon raised $81 million in a Series C expansion round led by BMW i Ventures and GE Ventures, with participation from ARCHina Capital Partners, GV, JSR, Nikon, and Sequoia Capital. This brought total funding to $222 million, with the company valued at $1 billion. Funds were allocated for international manufacturing and leasing of CLIP printers, as well as developing and selling proprietary materials like resins and elastomers. Carbon generates recurring revenue through machine rentals or three-year leases and material sales, setting it apart from competitors selling printers outright. The company serves clients in aerospace, athletic apparel, automotive, consumer electronics, industrials, and medical devices. Strategic investors were described as lighthouse customers poised to transform manufacturing with the technology. CEO Joe DeSimone indicated this would likely be the last venture round. Long-term, board member Jim Goetz from Sequoia Capital foresaw potential to revive U.S. manufacturing jobs, especially in the Midwest, and similar impacts in Asia and Europe.
Aug 2015Series CGV (lead); Silver Lake; Northgate Capital; Reinet Investments; Sequoia Capital; Eshelman Ventures; Fidelity Information Services; Yuri Milner$100M-Carbon is a 3D printing company specializing in advanced manufacturing technologies, particularly continuous liquid interface production (CLIP) for high-speed, high-resolution printing. The company has raised significant venture funding across multiple rounds to scale operations, enhance product development, and expand market reach. In August 2015, Carbon completed a **Series C** funding round of **USD 100 million**, led by **GV (Google Ventures)**, with participation from investors including Eshelman Ventures, FIS, Northgate Capital, Reinet Investments S.C.A., Sequoia Capital, Silver Lake, and Yuri Milner. The funds were intended to improve manufacturing capabilities and broaden market presence. By 2021, Carbon had raised a total of approximately **USD 743 million** across rounds, with a later Series E of **USD 260 million** and a current valuation of **USD 2.4 billion** as of the latest data.
Mar 2015Series BNorthgate Capital (lead); Sequoia Capital (lead); Silver Lake (lead)$30M-Carbon is a digital manufacturing platform focused on 3D printing technology. The company raised $30 million in Series B funding in March 2015 led by Northgate Capital, Sequoia Capital, and Silver Lake. The company continued to raise significant capital, including a $100 million Series C in August 2015 and a $260 million Series E in June 2019 at a $2.4 billion valuation. By 2019, Carbon had expanded to 14 countries and achieved a 33x increase in print volumes over a 12-month period, with the platform supporting industries including healthcare, automotive, and consumer goods.
Dec 2013Series ASequoia Capital (lead); Silver Lake; Northgate Capital; Piedmont Capital Partners; Autodesk$11M-Carbon is a 3D printing technology company founded in 2013 that develops and commercializes digital light synthesis technology for high-volume production. The company manufactures 3D printing machines, materials, and software, often acting as a manufacturing partner for brands like adidas, Ford, Lamborghini, Riddell, Fizik, Selle Italia, and Trek. In December 2013, Carbon raised $11 million in a Series A round led by Sequoia Capital, with participation from investors including Autodesk, Northgate Capital, and Piedmont Capital Partners. The funding was used to develop and commercialize their 3D printing technology. Valuation was not publicly disclosed. Carbon has since raised additional rounds, including $30 million in Series B in March 2015 led by Northgate Capital, Sequoia Capital, and Silver Lake Kraftwerk to scale operations and enhance product development. Later rounds include $260 million in June 2019 at a $2.4 billion valuation and $60 million in November 2025.

Who has invested in Carbon?

30 investors have backed Carbon across its funding rounds, including Sequoia Capital, Silver Lake, Northgate Capital, Baillie Gifford, JSR and GV.

Lead investors include Sequoia Capital, MKT1 Capital, Treble, Baillie Gifford, Madrone Capital Partners and 5 other investors.


Carbon Investors

Investors in Carbon by funding rounds participated
InvestorHQRoundsRoleFirst check
Sequoia CapitalUnited StatesSan Francisco, CA7LeadDec 2013
Silver LakeUnited StatesSan Francisco, CA5LeadDec 2013
Northgate CapitalUnited StatesSan Francisco, CA4LeadDec 2013
Baillie GiffordUnited KingdomEdinburgh3LeadDec 2017
JSRJapanTokyo3ParticipantSep 2016
Next Play CapitalUnited StatesSan Francisco, CA2ParticipantDec 2017
ARCHina Capital PartnersHong KongHong Kong2ParticipantSep 2016
HydraGermanyBerlin2ParticipantDec 2017
Reinet InvestmentsLuxembourgLuxembourg2ParticipantAug 2015
FidelityUnited StatesBoston, MA2ParticipantDec 2017
GVUnited StatesSan Francisco, CA2LeadAug 2015
GE VenturesUnited StatesMenlo Park2LeadSep 2016
Johnson & Johnson InnovationUnited StatesUnited States2ParticipantDec 2017

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Acquisitions by Carbon

Carbon has acquired 1 company to date.

Last acquisition by Carbon was on August 24th 2022. Carbon acquired ParaMatters for undisclosed valuation.


Latest Acquisitions by Carbon

ParaMatters
Description
ParaMatters is an Austin-based digital manufacturing software provider with its DMCP platform integrating generative design, additive manufacturing, and inspection tools. Generative design handles isotropic and fiber-reinforced composites for lightweight parts used in aerospace by Boeing suppliers. Additive modules support SLM, DMLS, and FDM processes with auto-orientation, nesting, and support generation on EOS and Stratasys printers. Inspection features align scans from Artec 3D against CAD models for deviation analysis.
HQ CountryUnited States
HQ City
Los Angeles, CA
Deal Date24 Aug 2022
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Carbon Competitors

Carbon competitors include listed companies like Affle 3i and Ncino, and private ones like Exabeam, PhysicsX, Liquid AI and Flourish.

Public and private companies comparable to Carbon
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ExabeamUnited StatesSan Francisco, CAPrivate$100M-$2.4B24.0x
PhysicsXUnited KingdomLondonPrivate$50M-$2.4B48.0x
Liquid AIUnited StatesUnited StatesPrivate--$2.4B-
FlourishUnited StatesNew York, NYPrivate--$2.5B-
Affle 3iIndiaIndiaPublicly listed$282M$67M$2.3B6.7x
NcinoUnited StatesUnited StatesPublicly listed$595M$65M$2.3B4.0x

Carbon Public Comps

Carbon is no longer listed, but its public comps include Affle 3i, Ncino, Haizhi, C3.ai, Wenge AI, TRS Information Technology, PCITECH, Fractal Analytics, Presight AI and MiniMax Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Affle 3i$282M$67M7.4x6.7x31.3x29.5x
Ncino$595M$65M4.3x4.0x39.0x15.8x
Haizhi$93M($30M)21.5x16.3x(67.1x)(440.4x)
C3.ai$250M($484M)4.3x4.5x(2.2x)(6.2x)
Wenge AI$60M($20M)27.6x-(82.7x)-
TRS Information Technology$76M($20M)19.3x19.7x(73.5x)478.8x
PCITECH$1.5B$53M0.8x0.9x24.1x-
Fractal Analytics$344M$50M3.7x3.4x25.8x21.0x

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Common questions about Carbon

When was Carbon founded?Carbon was founded in 2022.
Where is Carbon headquartered?Carbon is headquartered in Seattle, WA, United States.
Is Carbon publicly listed?No, Carbon was acquired by Perplexity in December 2024.
Who acquired Carbon?Carbon was acquired by Perplexity in December 2024.
What is Carbon's valuation?Carbon was last valued at $2.4B in its Series E in June 2019.
How much funding has Carbon raised?Carbon has raised $745M across 9 funding rounds.
What was Carbon's last funding round?Carbon's last funding round was a $60M undisclosed-stage round in November 2025, led by Sequoia Capital.
Who are Carbon's investors?Carbon's investors include Sequoia Capital, Silver Lake, Northgate Capital, Baillie Gifford, JSR, Next Play Capital, ARCHina Capital Partners, Hydra, Reinet Investments, Fidelity and 20 others.
Which companies are comparable to Carbon?Companies comparable to Carbon include Exabeam, PhysicsX, Liquid AI, Flourish, Affle 3i and Ncino.
How many companies has Carbon acquired?Carbon has acquired 1 company, including ParaMatters.

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