Desktop Metal, a company developing end-to-end metal 3D printing solutions, announced $65 million in new financing led by Ford Motor Company, with participation from existing investor Future Fund. Since its inception, Desktop Metal has raised a total of $277 million in financing to further accelerate the company’s rapid business growth and adoption of its end-to-end metal 3D printing systems.
According to Ric Fulop, CEO and co-founder of Desktop Metal, the strategic partnership with Ford will continue to fuel the company’s growth and R&D, as well as enable Desktop Metal to accelerate its momentum in delivering scalable metal 3D printing technologies across the globe.
The company also announced Dr. Ken Washington, vice president of Research and Advanced Engineering and chief technology officer at the Ford Motor Company, will join Desktop Metal’s board of directors and play an important role in Desktop Metal’s mission to become a global leader in metal 3D printing.
The age of metal 3D manufacturing is here and this strategic partnership with Ford, along with our portfolio of investors, validates our vision to transform the way metal parts will be designed and mass produced. 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 mass producing complex, high performance metal parts in a cost-effective way.—Ric Fulop
Founded in 2015, Desktop Metal pioneered the development of the first metal 3D printing systems to cover the full product lifecycle—from prototyping to mass production. The Studio System is the first office-friendly metal 3D printing system for rapid prototyping and is 10 times less expensive than existing technology.
To manufacture metal 3D printed parts at scale, Desktop Metal also debuted the only 3D printing system for mass production of high resolution metal parts, the Production System. Using new, proprietary Single Pass Jetting (SPJ) technology, the Production System is 100 times faster than today’s laser-based additive manufacturing systems, with speeds of up to up to 8200 cm3/hr.
The Ford Motor Company joins a portfolio of strategic partners and investors, including New Enterprise Associates (NEA), Future Fund, GV (formerly Google Ventures), GE Ventures, BMW iVentures, Techtronic Industries (TTI), Lowe’s, Lux Capital, Vertex Ventures, Moonrise Venture Partners, DCVC Opportunity, Tyche, Kleiner Perkins Caufield & Byers, Shenzhen Capital Group (SCGC), Saudi Aramco, and 3D printing leader Stratasys.