Velo3D Inc will merge with a blank-check company backed by tennis star Serena Williams, in a deal that takes the 3D printing technology venture public at a combined value of $1.6 billion, the companies said on Tuesday.
The deal with special purpose acquisition company (SPAC) Jaws Spitfire Acquisition Corp includes $155 million from Baron Capital Group, Hedosophia and other private investors and confirms an earlier report here by Reuters. It will fetch $500 million in proceeds for the combined company.
Williams’ firm has invested in more than 50 companies with a total market value of $14 billion, including online learning platform MasterClass and tech company Propel, its website showed. Silicon Valley-based Velo3D was founded in 2015 and supplies hardware and software in 3D printing technology to industrial clients, including aerospace manufacturer SpaceX.
Read more at Reuters
By Niket Nishant in Bengaluru and Ramakrishnan M.
