These are the dog days of summer, the hottest part of the season in the Northern Hemisphere. It’s also one of the slowest times of the year for noteworthy “hot” news; MCAD included, politics excluded.
However, this week marked a very noteworthy bit of news: Desktop Metal announced it has completed a $115 million Series D investment round to further accelerate the company’s rapid business growth and adoption of its end-to-end metal 3D printing systems. Since its inception in October 2015, Desktop Metal has raised a total of $212 million in financing, with the Series D marking the largest individual private round for a metal additive manufacturing company.
Desktop Metal Studio System
The Series D round included significant new investment from New Enterprise Associates (NEA), GV (formerly Google Ventures), GE Ventures, Future Fund and Techtronic Industries (TTI), a leader in quality consumer, professional and industrial products, including Milwaukee Tool, AEG, Ryobi, Hoover, Oreck, VAX and Dirt Devil. Additional investors included Lowe’s, Lux Capital, Vertex Ventures, Moonrise Venture Partners, DCVC Opportunity, Tyche, Kleiner Perkins Caufield & Byers, Shenzhen Capital Group (SCGC), and Saudi Aramco.
With the Studio System, engineers can print complex, functional parts in a variety of materials, including copper. With its high electrical and thermal conductivity, copper is an ideal material for heat exchanger applications, like this copper heat sink for an LED light bulb. (Photo: Desktop Metal)
According to Ric Fulop, CEO and co-founder of Desktop Metal, the funding will help fuel the company’s speed to market, expand its sales programs, as well as progress the development of advanced R&D. The company is also exploring international expansion as early as 2018.