3D metal printing startup raises funds to accelerate growth
To date, the company has raised $212 million since its launch in October 2015. With the Series D investment, it says, it marks the largest individual private round for a metal additive manufacturing company.
The company recently launched two metal 3D printing systems. Its Studio System is offered as the first office-friendly metal 3D printing system for rapid prototyping and is claimed to be 10 times less expensive than existing technology today.
For manufacturing metal 3D printed parts at scale, the Production System is offered as the only currently available 3D printing system for mass production of high-resolution metal parts. It is claimed to be 100 times faster than current laser-based additive manufacturing systems.
According to the company, the latest funding will “help fuel the company’s speed to market, expand its sales programs, as well as progress the development of advanced R&D.” It is also exploring international expansion.
“We are on the brink of an exciting transformation in how metal parts will be designed, prototyped, and ultimately mass produced,” says Ric Fulop, CEO and co-founder of Desktop Metal. “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 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.”
Investors involved in the latest round of funding include New Enterprise Associates (NEA), GV (formerly Google Ventures), GE Ventures, Future Fund, and Techtronic Industries (TTI), a leader in quality consumer, professional and industrial products, including Milwaukee Tool, AEG, Ryobi, Hoover, Oreck, VAX and Dirt Devil. Additional investors include Lowe’s, Lux Capital, Vertex Ventures, Moonrise Venture Partners, DCVC Opportunity, Tyche, Kleiner Perkins Caufield & Byers, Shenzhen Capital Group (SCGC), and Saudi Aramco.
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