(Bloomberg) — Divergent Technologies Inc., a startup that makes a digital production system for designing and building cars, raised $160 million to scale operations and roll out its technology to factories in Europe and the U.S.
The deal brings the company’s valuation to over $1 billion, founder and Chief Executive Officer Kevin Czinger said in an interview.
The California-based company also plans to announce John L. Thornton, former co-president of Goldman Sachs Group Inc. and a director at Ford Motor Co., will be joining Divergent’s board. The startup said the funding was led by investors including Thornton, the former U.S. presidential candidate Tom Steyer and Hedosophia, a London-based investment firm founded by Chief Executive Officer Ian Osborne.
Divergent’s technology aims to speed up auto-manufacturing design and production process, using a mix of 3D printing and automated assembly. Earlier in the pandemic, Divergent cut about a third of its then 160 employees, according to a report in TechCrunch.
The startup now employees more than 180 engineers, Divergent said in an emailed statement. The company had previously raised about $200 million from investors including Horizons Ventures and Altran Technologies.
(Updates with additional investors in the third paragraph.)
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