Desktop Metal closes Series D funding with $115 million

Desktop Metal a company based in Burlington, Massachusetts, awarded as one of the most promising Technology Pioneers by World Economic Forum in 2017, making the news back again

The company started their venture in 2015 with a team of experts in Advanced Manufacturing, Metallurgy, 3D Printing & Robotics.

With a vision to make 3D printing an essential tool for engineers & manufacturers around the world, Desktop Metal has raised a total of $212 million in funding in October 2015 & with the Series D marking the largest individual private round for a metal additive manufacturing company

 

The announcement of funding comes within three months of Desktop Metal launching two metal 3D printing systems covering the full product lifecycle.

The Production System to work rapidly and safely to mass-produce metal parts, without requiring special engineers. It’s Desktop Metal Production unit works 100-times faster than earlier available machines, producing up to 8,200 cubic centimetres of metal objects per hour.

The Studio System to be used in an office setting, without a need for respirators, external ventilation, large gas tanks or any factory-style accommodations which will help research labs, designers and engineers to cut down cost.

The Studio System & The Production System makes metal objects that are ready for use without post-processing. Most 3-D printers require some filing or other tooling whether for metal or polymers to take off surplus materials and smooth rough edges on a printed object.

The Studio System Costs $120,000 includes a printer and sintering furnace. Offices or labs can also rent the system for $3,250 a month. The Production system costs $420,000 to purchase outright.

 

According to CEO & Co-Founder Ric Fulop, this funding will help them to market their products globally by changing their sales programmes. The company is looking forward of making the team big same time doing progress on Research & Development.

 

The Series D funding received from significant new investors like GV (formerly Google Ventures), New Enterprise Associates (NEA), Future Fund and Techtronic Industries (TTI), GE Ventures, including Hoover, Oreck, VAX, Milwaukee Tool, Dirt Devil, AEG & Ryobi. Additional investors included Moonrise Venture Partners, Kleiner Perkins Caufield & Byers, DCVC Opportunity, Tyche, Shenzhen Capital Group (SCGC) Lowe’s, Lux Capital, Vertex Ventures and Saudi Aramco.

 

Desktop Metal has already earned a number of clients includes Lowe’s, Caterpillar and BMW & the company is also working on International Expansion within early 2018.

Image Source : Desktop Metal

by Pranoy Maitra, The Blogging Connection

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