Desktop Metal gets another $65 million in a round led by Ford

A design

Founded in 2015, Burlington, Massachusetts-based Desktop Metal is setting out to make 3D metal printing more accessible to manufacturers and engineers beyond highly specialized industries, while it also reduces costs and time-frames for companies that are already manufacturing metal-based goods.

Desktop Metal, the well-funded metal 3D-printing startup, is adding more money to its coffers from another high-profile investor.

The round - which brings total funding to $277m - was led by Ford Motor Company, with participation from existing investor Future Fund.

Led by Ric Fulop, CEO and co-founder, Desktop Metal provides metal 3D printing solutions for engineers and manufacturers to cover the full product lifecycle - from prototyping to mass production.

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Now that its desktop metal 3D printing technology has been released, the excitement from investors has not subsided. Over the past year, the company has continued to see success, receiving two patents for its removable 3D printing support technology (and having filed more than 100 pending patent applications), increasing worldwide sales of its metal 3D printing systems, and partnering with SOLIDWORKS for Live Parts, an experimental new generative design software that applies advanced simulation and morphogenetic principles to rapidly shape strong, lightweight parts. On the other hand, the Production System is for mass producing metal parts, and is said to be 100 times faster than other metal additive manufacturing systems on the market.

The announcement about Desktop Metal's latest round of funding comes after the company has hit several major milestones, such as an expansion to more than 225 employees and nearly 100 channel partners and resellers, with distribution in more than 40 countries.

In addition to the funding, Dr. Ken Washington, vice president of Research and Advanced Engineering and CTO of the Ford Motor Company has been appointed to Desktop Metal's board of directors. Last year, the company raised a whopping $115 million from an eclectic group of funders, including New Enterprise Associates, Alphabet's VC arm GV, GE Ventures, Future Fund, and Techtronic Industries. Throughout the past few years, Desktop Metal has seen huge growth. Prior to that, Desktop acquired $45 million from the likes of Google, BMW, and Lowe's. BMW iVentures, has also seen the potential in tech - the automotive giant's VC wing invested in Desktop Metal this time a year ago, with an eye toward the future, stating that the company "is shaping the way cars will be imagined, designed and manufactured".


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