7/15/19 3D Glass Solutions closes Series B funding round - Albuquerque Business First

3D Glass Solutions, a local tech startup backed by investors including Lockheed Martin Ventures, has closed its Series B round.

Led by Japan's Nagase & Co., and not yet reflected in U.S. Securities and Exchange Commission filings, the round garnered $12 million in investment, according to President and CEO Mark Popovich. Nagase contributed over $4 million to the round, he added.

Investopedia defines the Series B round as a business's second round of funding through investment, including private equity investors and venture capitalists.

A representative from Nagase, which listed its investment in 3D Glass in a May financial briefing, was unavailable for immediate comment. Nagase plans to create products for high frequency, 5G compatible devices and grow its semiconductor business with the startup's technology, the briefing says.

3D Glass will use the funding for new equipment and the move into a 20,000-square-foot facility, 5601 Balloon Fiesta Parkway NE, that is four times bigger than its previous digs on Venice Avenue. It will also use the money to continue its state-backed hiring push. The firm is on a path to create 139 jobs and invest over $23 million by 2023.

The New Mexico Economic Development Department will invest up to $2 million in Local Economic Development Act dollars in the expansion. The 25-person business expects to double the size of its staff in the next year.

The average annual salary at the company is $60,000, Business First reported. 3D Glass Solutions was founded in 2006 and offers technologies including heat-resistant electronics casings and micro-printed circuit boards. It provides glass-based solutions to the medical, aerospace and defense, wireless infrastructure, automotive radar and photonics industries.

Total funding for the firm stands at $19 million and the company is already looking into its next funding round for the continued scaling of its operations, Popovich said.

Last month, international conglomerate Lockheed Martin's investment arm announced an undisclosed amount of investment in the startup as part of the round. Officials said the startup's capabilities could help meet size, weight and power demands for various Lockheed technologies.