Desktop Metal announced the closing of a $160 million funding round to expand the sales of its metal 3D printing technology.
This brings the total funding the groundbreaking 3D printing company has received since it started in 2015 to $438 million. It also “marks the largest total funding of any private 3D printing company to date,” said Desktop Metal in a press release.
“This new funding will fuel the continued development of our metal 3D printing technology and rich product roadmap, the scaling of operations to meet a growing demand of orders, and the financing of major new research and development initiatives,” said Ric Fulop, the CEO and co-founder of Desktop Metal.
“Combined, this will set us on a trajectory to become a global leader in metal 3D printing, a key pillar of Industry 4.0.”
The company already has substantial investments from Alphabet (Google), BMW, and Lowe’s, but it can now add Koch Disruptive Technologies (KDT) to that list. KDT, an investment firm and subsidiary of Koch Industries, led the funding round.
“Desktop Metal’s 3D printing solutions can redefine prototyping and mass production of metal products, which has profound disruptive implications for manufacturers like Koch Industries,” said KDT president Chase Koch.
“We are very bullish about the prospects of Desktop Metal, not just as an investor, but also as a customer and partner.”
World’s Fastest Metal Printing Press for Mass Production
The pioneering company, which is based in Burlington, Massachusetts and founded in 2015, was created by leaders in metallurgy, robotics and manufacturing.
Their goal was to find a way to create functional metal-3D printed parts in a cost-effective way. Ultimately, they created two complementary products.
The Studio System is “the world’s first and only metal 3D printing system able to print and sinter parts in an office environment.” It is a rapid-prototype machine which, once the user is ready for mass production they can move onto the Desktop Metal Production System.
This is the world’s fastest metal printing press for mass production. It’s designed to create a range of alloys, including metals like titanium and aluminium.
Other investors from this funding round included GV, Panasonic and Techtronic Industries.
Source: Press release
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