Metal 3D printing company Desktop Metal has raised $65 million in a round of funding led by Ford, with participation from Future Fund.
Founded in 2015, Burlington, Massachusetts-based Desktop Metal is setting out to make 3D metal printing more accessible to manufacturers and engineers outside highly specialized industries, as well as reducing costs and turnaround times for companies that already manufacture metal-based goods. Desktop Metal’s “end-to-end metal 3D printing solutions” include the $120,000 Desktop Metal Studio System, which is aimed at helping engineers build prototypes.
While this isn’t geared toward work-at-home hobbyists, Desktop Metal has previously stated that its prices end up being around 10 times less expensive than existing technology. The company is also readying its mass-production metal 3D printing system that it has previously said will cost more than $400,000.
Prior to now, Desktop Metal had raised $211 million, including a $115 million round last July and $45 million just four months prior to that. Alphabet’s investment arm GV invested in both those rounds. Ford’s involvement in this latest tranche of funding is also notable, as this is clearly a strategic investment from a company that relies heavily on metal. Ford CTO Dr. Ken Washington will now join Desktop Metal’s board of directors. BMW also previously invested in Desktop Metal via its BMW iVentures unit.
“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,” said Desktop Metal cofounder and CEO Ric Fulop. “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.”
With another $65 million in the bank, Desktop Metal said it will double down on its growth and R&D.