Desktop Metal Inc., an emerging metal 3D printing startup from Burlington, US, has successfully raised $65 million in a new financing round led by Ford Motor Company with support from existing investor Future Fund. This financing round combined with the earlier rounds bring the total investment to a massive $277 Million.
Desktop Metal, which aims to make metal 3D printing accessible to manufacturers and engineers, has managed once again to raise a substantial amount of funding. The company also announced the joining of Ford’s Chief Technology Officer (CTO) and Vice President of Research and Advanced Engineering, Dr. Ken Washington, to the Desktop Metal Board of Directors as a part of the deal.
Speaking about the funding, CEO and co-founder of Desktop Metal, Ric Fulop said, “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.
Desktop Metal believes that Dr. Ken Washington will play an important part in helping the company achieve its vision of becoming a global leader in metal 3D printing.
Ric Fulop added, “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.”
Ford Motor Company is the latest addition in its growing portfolio of strategic partners and investors like Stratasys, BMW iVentures, GE Ventures, GV (formerly Google Ventures), New Enterprise Associates (NEA), Lowe’s, Future Fund, Shenzhen Capital Group (SCGC), and many more.
Desktop Metal was founded in 2015 and over the course of its short history it has managed to achieve commendable success like expanding to nearly 100 channels and resellers with distribution in more than 40 countries, a portfolio of more than 100 patent pending processes with granting of two seminal patents for its removable support technology, recognition as one of the world’s 30 most promising Technology Pioneers by World Economic Forum in 2017, and much more.