Carbon Valuation, Funding & Investors

Carbon is valued at $2.4B as of June 2019.

Last Carbon valuation

$2.4B

Series E · Jun 2019

Last Carbon funding round

$60M

Undisclosed stage · Nov 2025

Cumulative funding Carbon raised

$743M

across 8 funding rounds

Key investors in Carbon

  • Sequoia Capital
  • Silver Lake
  • Northgate Capital
  • Baillie Gifford
  • JSR
  • GV

Carbon Overview

About Carbon

Carbon is a 3D printing company that sells a digital manufacturing platform built on its Digital Light Synthesis process, which uses light and oxygen to cure resin into end-use polymer parts. The platform combines Carbon printers, proprietary resins and elastomers, and design and production software, and a network of production partners prints parts on its behalf. Customers include footwear and sporting-goods brands, automotive manufacturers, dental labs and medical-device makers, who use it for prototyping, low-volume and high-volume production. Carbon earns revenue from printer subscriptions and leases, material sales and software. The company was founded in 2013 by Joseph DeSimone, Philip DeSimone, Alex Ermoshkin, Nikita Ermoshkin and Edward Samulski, and is headquartered in Redwood City, California. It is venture-backed and has customers in 17 countries.


Founded

2013

HQ

United StatesRedwood City

Status

Privately held

Customer focus

B2B

Revenue model

Product sales, Leasing & Rental Services, Subscription

Valuation

$2.4B (Jun 2019)

Carbon Valuation

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

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 $743M across 8 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 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?

28 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, Baillie Gifford, Madrone Capital Partners, BMW i Ventures, GE Ventures and 3 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 StatesNew Brunswick, NJ2ParticipantDec 2017

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Carbon Competitors

Carbon competitors include listed companies like Xometry and Doosan Robotics, and private ones like Ethereal Machines, Divergent, SendCutSend and Formlabs.

Public and private companies comparable to Carbon
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
XometryUnited StatesUnited StatesPublicly listed$687M($46M)$5.4B5.9x
Ethereal MachinesIndiaBangalorePrivate--$158M-
DivergentUnited StatesLos Angeles, CAPrivate--$2.3B-
Doosan RoboticsSouth KoreaSouth KoreaPublicly listed$25M($42M)$2.6B56.2x
SendCutSendUnited StatesReno, NVPrivate$200M-$2.1B10.5x
FormlabsUnited StatesBoston, MAPrivate--$2B-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Jungheinrich$6.1B$782M0.3x0.3x2.5x2.1x
Kardex Holding$951M$81M2.4x2.1x27.9x18.9x
ULVAC$1.7B$236M1.1x1.1x8.2x9.1x
NuScale Power$31M($663M)37.7x62.0x(1.8x)(3.9x)
Jyoti CNC Automation$220M$59M10.2x8.8x38.2x34.8x
Doosan Robotics$25M($42M)101.8x56.2x(59.7x)(79.2x)
OC Oerlikon Corp$1.9B$226M1.6x1.5x13.5x8.2x
C Sun Manufacturing$148M$32M14.4x6.5x65.9x53.3x

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Common questions about Carbon

When was Carbon founded?Carbon was founded in 2013.
Where is Carbon headquartered?Carbon is headquartered in Redwood City, United States.
Is Carbon publicly listed?No, Carbon is a private, VC-backed company.
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 $743M across 8 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 18 others.
Which companies are comparable to Carbon?Companies comparable to Carbon include Xometry, Ethereal Machines, Divergent, Doosan Robotics, SendCutSend and Formlabs.

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