Above: Desktop Metal Studio System+/Image Credit: Desktop Metal
Desktop Metal announced in an official release the closing of a $160 million funding round to advance the global commercialization of its metal 3D printing technology. The round led by Koch Disruptive Technologies (KDT) – an investment firm, marks the largest total funding of any private 3D printing company to date. The combined funding for Desktop Metal since its inception in 2015 now stands at $438 million.
According to Chase Koch, president of Koch Disruptive Technologies, “Desktop Metal’s 3D printing solutions can redefine prototyping and mass production of metal products, which has profound disruptive implications for manufacturers like Koch Industries. We are very bullish about the prospects of Desktop Metal, not just as an investor, but also as a customer and partner.”
Koch Disruptive Technologies (KDT) is an investment firm focused on finding and funding innovative and emerging technologies. KDT is a subsidiary of Koch Industries, one of the largest privately-held companies in America.
The Desktop Metal Production System is the world’s fastest metal printing press for mass production with over 400 percent productivity over the closest binder jet alternatives and more than 100 times faster than laser powder bed fusion systems in the market. These systems are designed to print a broad range of alloys, including reactive metals such as titanium and aluminium. This process enables the use of metal powders that are 80 percent lower cost than laser powder bed fusion metals, delivering parts at 1/20th the cost. The Studio System is now shipping in volume and available through a global sales network of more than 85 sales partners in 48 countries.
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Speaking on the investment by KDT, Ric Fulop CEO and co-founder of Desktop Metal said, “We are at a critical juncture in the advancement of metal 3D printing and additive manufacturing. We are excited about Koch being an investor, customer and capability provider in this round. This new funding will fuel the continued development of our metal 3D printing technology and rich product roadmap, the scaling of operations to meet growing demand of orders, and the financing of major new research and development initiatives. Combined, this will set us on a trajectory to become a global leader in metal 3D printing, a key pillar of Industry 4.0.”
Early adopters of the Studio System include: Ford, Stanley Black and Decker, Goodyear, 3M, Google’s ATAP, BMW, ProtoLabs, Owens Corning, US Department of Defense, Department of Homeland Security, and leading educational institutions such as MIT, University of Texas, and Diman Regional Vocational Technical High School, the nation’s first high school to install a metal 3D printer.
Additional investors in the Series E funding round include GV (formerly Google Ventures), Panasonic, and Techtronic Industries, as well as previous venture capital investors in the company, including Lux Capital, New Enterprise Associates (NEA) and Kleiner Perkins.
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