Business Wire
Desktop Metal team
In addition to serious investment from several world-renowned companies, Desktop Metal has amassed a world-class team of experts in the fields of materials science, engineering and software.
Desktop Metal, an emerging start-up with ambitions to bring metal 3D printing to all design and manufacturing teams, has announced it has raised a total of $97 million in equity funding since its founding in October 2015.
The announcement comes as the result of the latest Series C investment of $45 million, led by GV (formerly Google Ventures), as well as BMW i Ventures and Lowe’s Ventures. Desktop Metal will use the funding to continue to develop its technology and scale production as the company prepares for its product launch later this year.
Desktop Metal is committed to accelerating the adoption of metal 3D printing in design and manufacturing through the creation of innovative technology that produces complex parts. Prior to GV, BMW and Lowe’s, the start-up received financial support from a range of other companies, including NEA, GE Ventures and Stratasys.
“Just as plastic 3D printing paved the way for rapid prototyping, metal 3D printing will make a profound impact on the way companies both prototype and mass produce parts across all major industries,” said Ric Fulop, CEO and Co-Founder of Desktop Metal. “We are fortunate to have the backing of a leading group of strategic investors who support both our vision and our technology, and who are pivotal in propelling our company forward as we prepare for our product introduction in 2017.”
While BMW i Ventures is aware Desktop Metal will not exclusively offer additive manufacturing services to the automotive industry, the company’s Managing Partner, Uwe Higgen, is excited at the prospect of the start-up helping to modernise the way road vehicles are built.
“Advances in metal 3D printing are driving innovation across a wide range of automotive applications and we are excited to work with Desktop Metal as part of our vision in adopting additive manufacturing at BMW,” said Higgen. “From rapid prototyping and printing exceptional quality parts for end-use production, to freedom of design and mass customisation, Desktop Metal is shaping the way cars will be imagined, designed and manufactured.”
In addition to serious investment from several world-renowned companies, Desktop Metal has amassed a world-class team of experts in the fields of materials science, engineering and software. Leading the company is Fulop, who was the Co-Founder of A123 Systems and a general partner at North Bridge, an early investor in leading CAD and 3D printing companies, including MarkForged, OnShape, ProtoLabs and SolidWorks.
The company’s leadership team also comprises several MIT professors including Ely Sachs, an early pioneer of 3D printing and the inventor of binder jetting; Chris Schuh, Chairman of MIT’s Materials Science and Engineering Department; as well as professors Yet Ming Chiang, an expert in materials science, and John Hart, who leads the mechanosynthesis lab. Other members of the leadership team include Jonah Myerberg, a leader in materials engineering; Rick Chin, one of the early team members of SolidWorks and previously founder of Xpress 3D; and Marc Minor, head of marketing of Carbon3D. Scott Crump, the founder of Stratasys, also serves on the board for Desktop Metal.
Andy Wheeler, General Partner at GV, one of Desktop Metal’s recent investors, has said the company will play a big part in additive manufacturing as it moves forward. Wheeler cited the company’s team and ambition as huge assets which will ensure significant contributions to additive manufacturing.
“The additive manufacturing industry is going through a dynamic evolution, and Desktop Metal is helping to shape that,” said Wheeler. “The company has an impressive product vision, a proven team and the right level of deep technical experience to bring the promise of metal 3D printing to life.”
