Boston unicorn Desktop Metal isn’t finished surprising us just yet.
The 3D printing company announced a fresh $160 million round of funding led by Koch Industries last week, bringing their total investments to a whopping $436.8 million dollars — nearly half a billion. The investment marks the largest total funding of any privately held 3D printing company to date.
“We are at a critical juncture in the advancement of metal 3D printing and additive manufacturing,” said co-founder and CEO Ric Fulop in a statement. “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 a growing demand of orders, and the financing of major new research and development initiatives.”
Founded in 2015 with a mission to transform manufacturing and engineering with its metal 3D printers, Desktop Metal operated in stealth mode for two years before unveiling two signature 3D printing systems in April 2017.
The company’s first product, the “DM Studio System,” was described as a metal 3D printing system ideal for rapid prototyping. According to the company, the system costs less than a tenth of what similar technologies do.
We are at a critical juncture in the advancement of metal 3D printing and additive manufacturing.”
Desktop Metal’s other printing system, “Production System,” was created for mass production of high resolution metal parts at a speed “100 times faster than today’s laser-based additive manufacturing systems.”
Early customers of Desktop Metal’s technology include Ford, MIT, Stanley Black and Decker, Goodyear, 3M, BMW, the U.S. Department of Defense and the Department of Homeland Security.
The most recent funding will be used to expand the adoption of both 3D printing systems.
“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,” said Chase Koch, president of Koch Disruptive Technologies, in a statement. “We are very bullish about the prospects of Desktop Metal, not just as an investor, but also as a customer and partner.”