Desktop Metal introduced their awaited Studio System and Production System in April, two different 3D metal printing systems that are innovative to the 3D printing industry on a whole.
These releases came following large investments from a number of known companies who believed in the technology that Desktop Metal was determined to bring to the market. The company had only been around since 2015 but has been working hard, which can be noted from the large amount of funding that came through recently. This makes the company valued at more than a billion dollars.
The two new systems bring with them new technology, Bound Metal Deposition and Single Pass Jetting. Studio System is made for office use with small metal 3D printers that can be used in smaller environments and is safer and easier than current methods. Production System, on the other hand, is to be 100 times faster than laser metal 3D printing systems, making it much easier to fabricate large parts without the long turnaround.
“Our mission at GE Ventures is to invest in startups with cutting-edge technologies,” said Steve Taub, Senior Director of Advanced Manufacturing, GE Ventures. “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.”
This Series D investment round is the largest individual private round ever seen for a metal additive manufacturing startup. Investments came courtesy of DCVC Opportunity, Future Fund, GV (previously Google Ventures), Kleiner Perkins Caulfield & Byers, Moonrise Venture Partners, New Enterprise Associates, Lowe’s, Lux Capital, Saudi Aramco, Shenzhen Capital Group, Techtronic Industries, Tyche, and Vertex Ventures.
“This latest funding demonstrates how our strategic investors share in our mission of making metal 3D printing more accessible,” Desktop Metal told 3DPrint.com in an interview. “We are focused on shipping the Studio System to our first customers by the end of the summer, continued development of the Production System, as well as establishing a global presence in strategic international regions. The feedback we’ve received since launching our metal 3D printing systems has been extremely positive, and there has been tremendous excitement among our early customers to implement our technology.”
Use of Funding
The co-founder of Desktop Metal, Ric Fulop, assures that money will be used to expand sales programs, facilitate the speed to market, and boosting advanced R&D development. They also expect to begin international expansion, possibly as early as 2018.
“We are on the brink of an exciting transformation in how metal parts will be designed, prototyped, and ultimately mass produced,” said Fulop. “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.”