Worcester Business Journal

wbjournal.com | March 9, 2026 | Worcester Business Journal 11 VulcanForms' focus on keeping manufacturing processes and jobs in the United States was a big part of what drew Eclipse Ventures to the manufac- turer, said Greg Reichow, partner at the Palo Alto-based venture capital firm that co-led the $220 million raise along with 1789. e push to reshore manufac- turing to the U.S. has been around for decades, but without many practical solutions, he said. "What I saw in Vulcan was this very different approach that would allow us to build high-volume production manufacturing in the U.S. and compete globally with it. And, quite frankly, build far better products than anybody else could," said Reichow. Building capacity VulcanForms plans to use $220 mil- lion raised in January for growth and scaling, Hart said. With operations already in Newbury- port and Devens, the manufacturer is constructing a second Devens facility: 100,000 square feet focused on 3D printing and post-processing. A fourth VulcanForms facility is already in planning, said Reichow. "e technical risk is gone. e mar- ket risk is not there," Reichow said. "It's time to go scale." Reichow and Eclipse have been inves- tors in VulcanForms since the manufac- turer's $2-million seed funding in 2017. 1789 Capital invested in Vulcan- Forms for the first time in January, attracted to its scalability and strong commercial viability, said Voboril. "What you'll start to see is more and more original equipment manufacturers will be asking VulcanForms to make a product for them that they currently make in a different way that's way more expensive," he said. Although VulcanForms declined to disclose exact revenue figures, Hart said the manufacturer has several billion dollars in demand, including a backlog. One of its biggest clients is looking to increase its volume output tenfold. Eventually, VulcanForms would like to make its own metal powder, integrat- ing yet another outsourced service into its operations. "While we've come a long way, the company is 10 years old and this round is a big announcement, it's just one step in a much longer journey to create a really significant and meaningful manu- facturing company," said Hart. W Invested in your business, invested in you. At SMCU, your success - personal or business - is our passion. From your first account to your retirement goals, we have the products and tools you need, and the personalized services you value to help you every step of the way. Learn More St. Mary's Credit Union www.stmaryscu.org (508) 490 8000 Personal Loans Mortgages & Equity Lines Everyday Banking Small Business Services Massachusetts #1 SBA Credit Union Lender For 11 Years Running VulcanForms' capital raises VulcanForms completed the second-largest venture capital financing in its history in January, securing $220 million from lead investors 1789 Capital and long-time supporter Eclipse Ventures. Money Date Number of Funding raised announced Lead investors investors type $2 million June 26, 2017 Eclipse Ventures, in California 1 Seed $21 million Dec. 28, 2018 Eclipse Ventures 4 Series A $5 million May 3, 2019 Fontinalis Partners, in Detroit 1 Unknown $77 million May 15, 2020 Eclipse Ventures 4 Series B $250 million July 5, 2022 D1 Capital Partners, in 8 Series C New York City $220 million Jan. 30, 2026 1789 Capital, in Florida, 5 Series D and Eclipse Ventures Source: Crunchbase We aren't planning to raise capital In February, VulcanForms, a Devens-based metal manufacturing company, announced it had raised $220 million in venture capital to expand its facility footprint. The firm's VC raise is just one of the latest in a string of larger- and smaller-scale Central Massachusetts companies raising capital to fund their expansions. In September, Westborough-based defense optics manufacturing firm Kopin Corp. entered into a $41-million securities purchase, and Westborough-based data and AI infrastructure provider DualBird raised $25 million in January. Looking ahead, American Vinegar Works in Worcester is planning on raising $1.5 million in order to move into a larger manufacturing space in the region. When polled online, roughly a quarter of WBJ readers said their businesses are planning to raise capital this year. Is your company planning to raise capital in 2026? No 66% Yes 24% No, but we plan to in the next few years. 10% Greg Reichow, partner at Eclipse Ventures VulcanForms Leap71 valve

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