Jul 17, 2017 | By Benedict

Metal 3D printing company Desktop Metal has raised $115 million in a Series D investment round, attracting funding from GV (Google Ventures), GE Ventures, and others. The 3D printing company’s total equity investments now add up to over $210 million.

Just five months after Google, BMW, and Lowe’s invested $45 million in Desktop Metal during a Series C investment round, the Massachusetts-based 3D printing phenomenon has acquired a further $115 million from some similarly high-profile names.

The Series D round included “significant” contributions from New Enterprise Associates (NEA), GV (formerly Google Ventures), GE Ventures, Future Fund, and Techtronic Industries (TTI), a leader in consumer, professional, and industrial products that oversees companies Milwaukee Tool, AEG, Ryobi, Hoover, Oreck, VAX, and Dirt Devil.

Other recent investors in 3D printing sensation Desktop Metal included Lowe’s, Lux Capital, Vertex Ventures, Moonrise Venture Partners, DCVC Opportunity, Tyche, Kleiner Perkins Caufield & Byers, Shenzhen Capital Group (SCGC), and Saudi Aramco.

Ric Fulop, CEO and co-founder of Desktop Metal, says the huge amount of funding will help fuel the company’s speed to market, expand its sales programs, and speed up its advanced R&D. The company is also exploring international expansion as early as 2018.

“We are on the brink of an exciting transformation in how metal parts will be designed, prototyped, and ultimately mass produced,” Fulop said in a press release. “This latest funding puts us in an ideal position to ship our Studio System in the coming months and our Production System in 2018, while also enabling us to grow our company globally.”

The Desktop Metal Studio System 3D printer

Desktop Metal launched its first 3D printing systems earlier this year. The Desktop Metal Studio System, priced from $49,900, is an office-friendly metal 3D printing system for rapid prototyping, supposedly 10 times cheaper than competing technologies.

The Desktop Metal Production System, Desktop Metal’s other flagship machine, is being touted by the company as the world’s fastest 3D printing system for the mass production of high-resolution metal parts—up to 100 times faster than laser-based metal 3D printers. It uses a 3D printing process called Single Pass Jetting (SPJ) technology.

“The continued support of our investors underscores the power of our metal 3D printing solutions to help engineers and manufacturers, for the first time, apply metal 3D printing for the entire product development lifecycle—from prototyping to cost-effectively mass producing complex metal parts,” Fulop added.

The recent investors in Desktop Metal have been open about their enthusiasm for the Burlington-based company’s 3D printing vision.

The Desktop Metal Production System 3D printer

“Desktop Metal’s team and technology have delivered on exactly what they’ve promised: a vision to change the way parts are manufactured, with the innovative metal 3D printing technology to make that a reality,” commented Steve Taub, Senior Director of Advanced Manufacturing at GE Ventures. “We see a huge potential for engineers to rethink the way parts and products are made both domestically and abroad.”

“Desktop Metal’s advances in metal 3D printing are disruptive by reducing product development time and by enabling 3D printed parts to be affordably brought to market,” added Scott Griswold, President of Accessories at Milwaukee Tool, a subsidiary of TTI.

 

 

Posted in 3D Printer Company

 

 

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