In order to give an impetus to 3D printing technology, GV (formerly Google Ventures), BMW i Ventures, and Lowe’s Ventures pump in $45 million in a Series C round of funding into US-based Desktop Metal, a startup that enables 3D printing in design and manufacturing.
Ric Fulop, CEO and co-founder of Desktop Metal stated that the funds will be allocated toward product development and further scaling its production. Desktop Metal is expected to launch its product commercially later this year.
Launched in October 2015 in Burlington, Massachusetts, Desktop Metal's vision is to develop an end-to-end printing system, capable of producing 3D metal components and complex parts, like test components for automobile companies etc. - and to enable it to be a cheap technology. “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,” says Ric, according to a release put out on their site.
“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 Uwe Higgen, Managing Partner of BMW i Ventures, in the same statement, adding, “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.”
“The additive manufacturing industry is going through a dynamic evolution, and Desktop Metal is helping to shape that. 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,” said Andy Wheeler, General Partner at GV.
The company has raised two previous rounds - $14 million and $34 million from the same set of investors, namely NEA, Kleiner Perkins Caufield Byers, Lux Capital, 3D printing giant Stratasys, and others - taking their tally to $97 million in funding equity.