Funding profile · Regenerative medicine

Volumetric Biotechnologies

A company that never filed a Form D of its own, drew $323,000 through four outside syndicates that did, then sold for $40.2 million plus an earnout of up to $355.0 million that paid nothing.

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

What the filings show

Reading the filings

1. The company itself is invisible in Regulation D.An EDGAR search for Form D filers named Volumetric returns only Volumetric Fund Inc of New York and Volumetric Holdings LP of Philadelphia, a construction partnership unrelated to this business. Every notice tied to the bioprinting company came from an outside vehicle. Issuers raising under Section 4(a)(2) file no Form D at all, so the absence does not mean no money moved.
2. The visible money is retail sized.The four vehicles sold $323,000 across 28 investor slots, about $11,536 each: $8,346 at Bioverge, $9,000 and $10,000 at the two Principium series, about $17,389 at Network VC. These are syndicate feeders, not a priced round.
3. Announced and recorded do not match.The buyer, Rice University and the sellers’ law firm all described “a $45 million closing payment.” 3D Systems booked $40,173 thousand. The $4.8 million difference has never been reconciled in a filing. The stock half works out to about $21.33 on each of 720,022 shares.
4. The earnout was payroll, not price.Because each milestone required named sellers to still be employed when it was hit, the $355.0 million sat outside the purchase price allocation and was treated as compensation expense. Only one milestone, worth $65 million, was ever deemed probable. Against it the buyer booked $1,326 thousand in 2021 and $15,918 thousand in 2022, then reversed $17.3 million in 2023 after cutting the research budget behind it. With related performance share units, the reversal cut reported selling, general and administrative expense by $18.4 million and the buyer’s loss per share by $0.14.
5. Almost nothing on the balance sheet was the technology.The final allocation put $37,492 thousand of the $40,173 thousand into goodwill, 93 percent of the price, and $1,500 thousand into identifiable intangibles: product technology $1,100 thousand, customer relationships $400 thousand. The sellers’ law firm called the patent portfolio “a core asset of the transaction.” The buyer’s valuers assigned it about one dollar in forty of the closing price.
6. One filing arrived after the company no longer existed.Network VC Syndicate Fund reported a first sale of July 20, 2020, the same date as the Bioverge vehicle, but did not file until June 21, 2023, eighteen months after the acquisition closed. Form D is due within 15 days of first sale. It also reports non-accredited investors, which the other three do not.

Commercial signals

What to watch

• Whether the former shareholders sue. The buyer reports no estimate of liability.
• Any change to the $1.8 million accrual, which would signal movement in the mediation.
• Whether 3D Systems keeps funding the lung program after dropping kidney and liver work.
• A new Form D from either founder, which would mark a second venture.

The Volumetric Biotechnologies story on Healthcare DiscoveryHealthcare Discovery

Related companies

• Rebellyous Foods: Shared investor: Assure Fund Management. A Seattle company that builds the machines that make plant-based chicken, and sells the chicken mostly into school cafeterias
• HepaTx: Shared investor: Bioverge Fund. A Stanford spinout turning liposuction fat into liver cells, aiming to replace a transplant with an infusion
• Ochre Bio: Shared investor: Bioverge Fund. An Oxford company that designs RNA drugs and tests them in whole human donor livers kept alive on machines
• Standard Cyborg: Shared investor: Assure Fund Management. A Y Combinator startup that printed shower legs for amputees, became the software prosthetists used to design sockets, then became a computer vision SDK

Sources

1. Public recordForm D, Bioverge Funds, Volumetric I, LLC, CIK 0001820563SEC · Aug 7, 2020
2. Public recordForm D, Principium Ventures Volumetric SPV, CIK 0001798814SEC · Jan 15, 2020
3. Public recordForm D, Principium Ventures Volumetric Bio SPV, CIK 0001820978SEC · Sep 3, 2020
4. Public recordForm D, Network VC Syndicate Fund LLC Series Volumetric, CIK 0001980388SEC · Jun 21, 2023
5. Public record3D Systems Form 10-K, FY2022, purchase price allocationSEC EDGAR · Mar 16, 2023
6. Public record3D Systems Form 10-K, FY2025SEC EDGAR · Mar 9, 2026
7. Public recordUnited Therapeutics Form 10-K, FY2025SEC EDGAR, CIK 0001082554 · Feb 25, 2026
8. IndependentHouston bioprinting startup to be acquired for up to $400MInnovationMap · Oct 29, 2021
9. Company3D Systems Announces Acquisition of Volumetric Biotechnologies3D Systems · Oct 27, 2021
10. AdviserHaynes Boone Advises on Acquisition of VolumetricHaynes Boone · Nov 1, 2021

Compiled from SEC and other public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Healthcare Venture Capital Fund holds no position in Volumetric Biotechnologies or 3D Systems Corporation. This page is not an offer to sell or a recommendation to buy any security.