{"id":68709,"date":"2019-07-29T13:13:49","date_gmt":"2019-07-29T05:13:49","guid":{"rendered":"http:\/\/facfox.com\/news\/aerospace\/missing-millions-what-happened-to-3d-printing-startup-matterfab.3dm"},"modified":"2019-07-29T13:13:49","modified_gmt":"2019-07-29T05:13:49","slug":"missing-millions-what-happened-to-3d-printing-startup-matterfab","status":"publish","type":"post","link":"https:\/\/facfox.com\/news\/missing-millions-what-happened-to-3d-printing-startup-matterfab\/","title":{"rendered":"Missing millions. What happened to 3D printing startup MatterFab?"},"content":{"rendered":"<div id=\"dpsp-content-top\" class=\"dpsp-content-wrapper dpsp-shape-rectangular dpsp-size-medium dpsp-has-spacing dpsp-has-buttons-count dpsp-show-on-mobile dpsp-button-style-1\">\n<div class=\"dpsp-total-share-wrapper\"><span class=\"dpsp-total-share-count\">178<\/span><span>shares<\/span><\/div>\n<ul class=\"dpsp-networks-btns-wrapper dpsp-networks-btns-content dpsp-networks-btns-share dpsp-column-auto\">\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><span class=\"dpsp-network-count\">146<\/span><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><span class=\"dpsp-network-count\">29<\/span><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><span class=\"dpsp-network-count\">3<\/span><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><\/span><\/li>\n<\/ul>\n<\/div>\n<p><span style=\"font-weight: 400;\">Founded in 2013, Seattle\u2019s <\/span><span style=\"font-weight: 400;\">MatterFab<\/span><span style=\"font-weight: 400;\"> had a promising pitch &#8211; a <\/span><span style=\"font-weight: 400;\">low-cost 3D metal printer. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">After hearing about GE\u2019s use of additive manufacturing Matt Burris and Dave Warren were inspired to try their hand at building a 3D printer. Initially ordering components from ebay the duo began constructing what they intended to be a laser based powder bed fusion 3D printer. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A year after founding MatterFab Burris and Warren\u2019s company caught the attention of the <\/span><span style=\"font-weight: 400;\">media<\/span><span style=\"font-weight: 400;\"> &#8211; investors would soon follow. An initial seed investment from patent attorney Jeff Schox in September 2014 was followed by much larger sum less than 6 months later.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">MatterFab received <\/span><span style=\"font-weight: 400;\">$7.48M <\/span><span style=\"font-weight: 400;\">in February 2015 and an additional <\/span><span style=\"font-weight: 400;\">$5.75M in May of that year, making the startup one of the most funded new enterprises in the 3D printing industry. Investors included GE and Autodesk.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By July 2015 MatterFab had answered the call of <\/span><span style=\"font-weight: 400;\">America Makes<\/span><span style=\"font-weight: 400;\"> and was included in a GE Research led team focusing on <\/span><span style=\"font-weight: 400;\">development of metal powder bed fusion AM.<\/span><\/p>\n<figure id=\"attachment_119181\" style=\"width: 767px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-119181\" src=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4_DOOR_CLOSED900x900-767x768.jpg\" alt=\"The MatterFab T4 metal 3D printer.\" width=\"767\" height=\"768\" srcset=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4_DOOR_CLOSED900x900-767x768.jpg 767w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4_DOOR_CLOSED900x900-767x768-300x300.jpg 300w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4_DOOR_CLOSED900x900-767x768-200x200.jpg 200w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4_DOOR_CLOSED900x900-767x768-500x500.jpg 500w\" sizes=\"(max-width: 767px) 100vw, 767px\" \/><figcaption class=\"wp-caption-text\">The MatterFab T4 metal 3D printer.<\/figcaption><\/figure>\n<p><b>Assets up for auction<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The project has come to an end with the MatterFab T4 metal additive manufacturing system now labelled as lot 66A in an auction selling of what remains of the company\u2019s assets. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Josh Ewing, a director in Corporate Development at Autodesk explains, \u201cWe believed in MatterFab\u2019s approach and vision, but unfortunately it didn\u2019t succeed in the marketplace.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dave Warren &#8211; co-founder and former CTO &#8211; left MatterFab in March 2016 to become Project Manager at a Stealth Drone Startup. The other co-founder, Matt Burris, left MatterFab in October 2015. The explanation given was that the investors wanted a more experienced management team to lead the business. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">That team included <\/span><span style=\"font-weight: 400;\">Matt Paterson, the CTO brought in to replace Warren. Patterson left MatterFab in March 2017 and is now working on a new project &#8211; currently in stealth mode. Patterson declined to comment for this article, as did <\/span><span style=\"font-weight: 400;\">Lauren Formicola, MatterFab\u2019s <\/span><span style=\"font-weight: 400;\">VP of Business Operations, Marketing, and Communications.<\/span><\/p>\n<p><b>Spending half a million a month<\/b><\/p>\n<p><span style=\"font-weight: 400;\">While a number of other MatterFab employees give their LinkedIn status as currently seeking new opportunities, and have March 2017 as the end date of service at the company &#8211; a question remains. What happened to the money?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With over $13 million raised since Feburary 2015, MatterFab appear to have burned through over half a million a month. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the bigger scheme of things and for investors with deep pockets, these figures may be immaterial. Autodesk\u2019s Josh Ewing notes, <\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cWe\u2019ve made several start-up investments in this space and we continue to identify other investment opportunities where we can support furthering significant improvements in the industry. This is what venture investing is all about. You make bets on promising technologies, some succeed, some do not.\u201d<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Furthermore, with GE\u2019s purchase of established metal AM enterprises &#8211; Concept Laser and Arcam &#8211; and plans to launch <\/span><span style=\"font-weight: 400;\">the world\u2019s largest metal 3D printer<\/span><span style=\"font-weight: 400;\"> &#8211; the ATLAS &#8211; a desire to develop the T4 may have faded.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It looks like little of the $13 million will be recouped from the fire sale of office furniture and fittings. Yesterday\u2019s auction closed with limited enthusiasm and lot 66A &#8211; with an asking price of $10,000 &#8211; remained unsold.<\/span><\/p>\n<figure id=\"attachment_119180\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-large wp-image-119180\" src=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4-MatterFab-metal-additive-manufacturing-for-auction.-1024x542.png\" alt=\"T4 MatterFab metal additive manufacturing for auction.\" width=\"1024\" height=\"542\" srcset=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4-MatterFab-metal-additive-manufacturing-for-auction.-1024x542.png 1024w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4-MatterFab-metal-additive-manufacturing-for-auction.-770x408.png 770w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4-MatterFab-metal-additive-manufacturing-for-auction.-200x106.png 200w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4-MatterFab-metal-additive-manufacturing-for-auction.-500x265.png 500w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-caption-text\">The T4 MatterFab metal additive manufacturing machine is up for auction.<\/figcaption><\/figure>\n<p><b>Back to the future?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">2014 was considered by many as a high-water mark in terms of market exuberance. Spiking share prices spurred by the potential of 3D printing were followed by an inevitable fall as investors began to unpack the facts behind <em>3D printing at the touch of a button<\/em>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While not reaching the same heights yet, 2017 has brought some remarkable investment news. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Desktop Metal <\/span><span style=\"font-weight: 400;\">recently attained unicorn status<\/span><span style=\"font-weight: 400;\"> when the private company passed the $1 billion mark in terms of valuation. Stock prices in leading 3D printing enterprises Stratasys and 3D Systems are both performing well, with 25% and 24% year-on-year gains respectively.<\/span><\/p>\n<figure id=\"attachment_119179\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"size-large wp-image-119179\" src=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/3D-printing-stocks-are-up.-1024x373.png\" alt=\"3D printing stocks are up.\" width=\"1024\" height=\"373\" srcset=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/3D-printing-stocks-are-up.-1024x373.png 1024w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/3D-printing-stocks-are-up.-770x280.png 770w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/3D-printing-stocks-are-up.-200x73.png 200w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/3D-printing-stocks-are-up.-500x182.png 500w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-caption-text\">3D printing stocks are up.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">With 3D printing earnings season about to begin in earnest, we\u2019ll be watching closely to see if history is repeating or whether this time the exuberance is rational.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">For all the latest 3D printing news and insight, <\/span><\/i><i><span style=\"font-weight: 400;\">subscribe to our free newsletter<\/span><\/i><i><span style=\"font-weight: 400;\"> from the leading source of news about the 3D printing industry. Also, <\/span><\/i><i><span style=\"font-weight: 400;\">follow us on Twitter<\/span><\/i><i><span style=\"font-weight: 400;\"> to make sure you\u2019re first with developments in the additive manufacturing industry. <\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>178shares 146 29 3 Founded in 2013, Seattle\u2019s MatterFab had a promising pitch &#8211; a low-cost 3D metal printer. After hearing about GE\u2019s use of additive manufacturing Matt Burris and Dave Warren were inspired to try their hand at building a 3D printer. Initially ordering components from ebay the duo began constructing what they intended [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":182661,"comment_status":"open","ping_status":"close","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"fifu_image_url":"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4_DOOR_CLOSED900x900-767x768.jpg","fifu_image_alt":"","footnotes":""},"categories":[53],"tags":[169,170,173,158],"class_list":["post-68709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aerospace","tag-3dprint","tag-3dprinting","tag-business","tag-space"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Missing millions. 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What happened to 3D printing startup MatterFab? - FacFox News","isPartOf":{"@id":"https:\/\/facfox.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/facfox.com\/news\/missing-millions-what-happened-to-3d-printing-startup-matterfab\/#primaryimage"},"image":{"@id":"https:\/\/facfox.com\/news\/missing-millions-what-happened-to-3d-printing-startup-matterfab\/#primaryimage"},"thumbnailUrl":"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/07\/T4_DOOR_CLOSED900x900-767x768.jpg","datePublished":"2019-07-29T05:13:49+00:00","description":"178shares146293Founded in 2013, Seattle\u2019s MatterFab had a promising pitch &#8211; a low-cost 3D metal printer. 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