Formlabs Partners With Former Apple Hardware Chief Dan Riccio

Formlabs, a maker of 3D printers, shook up its board as former Apple Inc. hardware chief Dan Riccio took a stake in the company and became a strategic adviser.

Riccio, one of Apple’s most prominent executives for more than two decades, took a stake in the SoftBank Group Corp.-backed firm in a deal that saw existing board member Rob Willett boost his own stake in the company.

The deal will bring the executive who oversaw the development of Apple hardware products including the iPhone X, AirPods and the iPad Pro to advise Formlabs on product development, design and operational scaling as it expands its operations, according to a statement.

“Dan has a lot to share with us regarding how we can commercialize technologies and scale them up,” said Chief Executive Officer Max Lobovsky. “I can’t think of a single other person in the world who has more experience building consumer electronic tech hardware products that have been great, make customers happy and are profitable.”

As part of a broader overhaul of Formlabs’ board, Lobovsky took over as chairman from co-founder Natan Linder who will remain a strategic adviser. Dávid Lakatos, Formlabs’ chief product officer, has been named president and will join the board.

The changes come as the Somerville, Massachusetts-based company prepares for a potential initial public offering. Formlabs is in early talks with potential advisers for an IPO that could raise about $500 million, Bloomberg News reported.

Lobovsky is working to build a company that’s “much bigger than what’s been built in the space before” which means going public at some point is “the most likely long-term path” for Formlabs, he said.

Read More: SoftBank-Backed 3D Printer Maker Formlabs Said to Weigh IPO

Founded in 2011, Formlabs has sold more than 130,000 3D printers used in industries ranging from medical research to aerospace manufacturing, according to its website. It has over 750 employees across eight locations.

In June, the company announced the Fuse X1, an industrial large-format SLS 3D printing ecosystem, a statement showed. Customers including Tesla Inc. and Radio Flyer have already used Fuse X1 to accelerate product development and scale production to print more than 30,000 parts in a few months, according to the statement.

In addition to 3D printers, Formlabs’ products also include post-processing solutions, software and materials, the statement showed. The company has annual revenue surpassing $250 million.