The company intends to use the funds to further accelerate its business growth and adoption of its metal 3D printing systems. On the other end of the spectrum, Desktop Metal's Studio System is the first metal 3D printer for rapid prototyping meant for use in the office, and is ten times less expensive than similar technology offerings. The new financing, which was led by Ford Motor Company, brings the Boston-based 3D printing startup's total investment amount to $277 million.
Led by Ric Fulop, CEO and co-founder, Desktop Metal provides metal 3D printing solutions for engineers and manufacturers to cover the full product lifecycle - from prototyping to mass production.
On Monday, the company announced that it had raised $65 million in its latest funding round.
The funding from major investors continued to pour in, especially after Desktop Metal introduced its DM Studio System and DM Production System metal 3D printers to the world past year, drawing significant attention.
Founded in 2015, Burlington, Massachusetts-based Desktop Metal is setting out to make 3D metal printing more accessible to manufacturers and engineers beyond highly specialized industries, while it also reduces costs and time-frames for companies that are already manufacturing metal-based goods.
In addition to the funding, Dr. Ken Washington, vice president of Research and Advanced Engineering and CTO of the Ford Motor Company has been appointed to Desktop Metal's board of directors. Alphabet's investment arm GV invested in both those rounds.
Fulop believes that the company's strategic partnership with Ford will allow Desktop Metal to keep up the momentum in delivering scalable metal 3D printing solutions to companies around the world.
Desktop Metal, the MA company striving to increase the accessibility of metal 3D printing, has secured an additional $65 million in funding through a recent financing round.
Even before releasing its first additive manufacturing products, the company had brought on significant investments from bigwig companies the likes of Google, GE, BMW, Stratasys, and Lowe's. Throughout the past few years, Desktop Metal has seen vast growth.
Desktop Metal Inc., a maker of 3-D printers that was valued at more than $1 billion previous year, has brought on Ford Motor Co.as a strategic investor.
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