Desktop Metal secures 115 million USD in Series D funding round

The USA-based startup company Desktop Metal has secured 115 million USD in its Series D funding round to increase business growth and adoption of its recently launched metal 3D printing systems. This is claimed to be the largest private funding round for an additive manufacturing (AM) company and brings the total funding amount raised to 212 million USD.

The Series D funding includes significant investment from:

  • Future Fund, the Australian Government’s sovereign wealth fund for the accumulation of financial assets to offset its unfunded superannuation liability from 2020;
  • GV (formerly Google Ventures), the venture capital (VC) subsidiary of American multinational conglomerate Alphabet;
  • GE Ventures, the VC subsidiary of American multinational conglomerate GE (General Electric);
  • New Enterprise Associates (NEA), a USA-based VC firm; and
  • Techtronic Industries (TTI), a designer and manufacturer of consumer, professional and industrial products under brands including AEG, Dirt Devil, Hoover, Oreck, Ryobi, VAX and Milwaukee.

Additional investors include DCVC Opportunity, Kleiner Perkins Caufield & Byers, Lowe’s, Lux Capital, Moonrise Venture Partners, Saudi Aramco, Shenzhen Capital Group (SCGC), Tyche Partners and Vertex Ventures.

The announcement comes less than three months after the company launched its first two metal 3D printing systems, namely the Studio System and Production System. The Studio System employs Desktop Metal’s bound metal deposition (BMD) technology and is said to be the first office-friendly metal 3D printing system for prototyping as well as up to 10 times less expensive than comparable systems. The Production System employs the company’s single-pass jetting (SJP) technology and is said to be the only metal 3D printing system for the mass production of high-resolution parts as well as up to 100 times faster than other laser-based AM systems.

Desktop Metal intends to use the funding for accelerating time to market of its 3D printing systems as well as expanding sales programs and progressing R&D.

‘We are on the brink of an exciting transformation in how metal parts will be designed, prototyped, and ultimately mass produced,’ said Ric Fulop, chief executive officer (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.’

Steve Taub, senior director of advanced manufacturing at GE Ventures, added: Our mission at GE Ventures is to invest in startups with cutting-edge technologies. 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. We see a huge potential for engineers to rethink the way parts and products are made both domestically and abroad.’