Massachusetts startup Desktop Metal have raised a further $45 million in funding for their 3D printing company. This amount brings the company’s funding up to $97 million ($130 million according to Crunchbase) since October 2015. The investments are expected to advance Desktop Metals’ technology with the aim of launching their product later this year.
Industry first covered Desktop Metal back in 2015, following their second round of funding when they raised $33.8 million. The 3D printing company have long played their cards close to their chests, however we are expecting to hear exciting news from them in 2017. With a roster of big-name backers funding Desktop Metal including Google Ventures and GE Ventures, when the company do finally emerge from stealth mode it is likely to be with a bang.
Desktop Metal recently entered the sales recruitment stage, suggesting that this day is approaching and recent news that the company will be entering production indicates that they have a 3D printer ready to bring to market.
The startup also has a wealth of 3D printing experts working for them.
Just as the FDM and SLA processes for 3D printing with polymers have seen a wave of new entrants in recent years, now the more complex area of 3D printing with metal is beginning to see greater competition. Ric Fulop, CEO and co-founder of Desktop Metal explains how the industry is moving into metal,
Just as plastic 3D printing paved the way for rapid prototyping, metal 3D printing will make a profound impact on the way companies both prototype and mass produce parts across all major industries,
Investment
Investors for this $45 million funding round include GV (formerly Google Ventures), BMW i Ventures, and Lowe’s Ventures. While earlier investors include Stratasys and GE Ventures. Desktop Metal have a number of MIT professors as co-founders. Industry have reported recent research from MIT including adaptive 3D printing, 3D printing graphene and a fish-catching soft robot. So, while the company remain secretive, it’s clear they are working on something significant with the level of interest they have raised from insiders in the industry, as well as the brains behind the company.
Desktop Metals plans for 2017
Founded in October 2015, Desktop Metal set out to provide a more affordable metal 3D printing machine. Investors such as BMW’s venture arm are likely to be future customers, as Uwe Higgen explains. The Managing Partner of BMW i Ventures said,
Advances in metal 3D printing are driving innovation across a wide range of automotive applications and we are excited to work with Desktop Metal as part of our vision in adopting additive manufacturing at BMW. From rapid prototyping and printing exceptional quality parts for end-use production, to freedom of design and mass customization, Desktop Metal is shaping the way cars will be imagined, designed and manufactured.
We look forward to seeing how these investments amount to a final product as the company refine the printer ahead of launch later in the year. Co-Founder and CEO, Ric Fulop, was pleased with the latest funding achieved,
We are fortunate to have the backing of a leading group of strategic investors who support both our vision and our technology, and who are pivotal in propelling our company forward as we prepare for our product introduction in 2017.
Although we only in the second month of 2017, a number of exciting developments are taking place in the 3D printing metal sector. This week at Solidworks World Mark Forged are showing their Metal X system, first unveiled at CES 2017. Furthermore, we’ve seen 3D printing materials company The Virtual Foundry bring an innovative approach to using metal on a desktop 3D printer. At Industry we are also aware of developments at several major materials companies to produce innovative metal materials for 3D printing, and we’ll be bringing you more news on this shortly.
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Featured image shows a glimpse of what looks to be Desktop Metal’s machine. Image via Desktop Metal’s website.
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