The metal 3D printing market is certainly making a lot of noise recently. Fortune reports on a startup raising serious money in this niche.
Desktop Metal, based in Burlington, Massachusetts, develop “printing systems [containing] both 3D printers that can produce small objects from metal powders and machines called sinters, which contain microwaves that heat the metal powders, causing them to become dense and useable.”
In Fall of 2016, Desktop Metal raised a surprising $45 million, but now they’ve raised so much more – on top of that! According to the startup, they have just landed $115 million in funding. Investment-tracking firm PitchBook “estimates [Desktop Metal] has a post-valuation of $1.02 billion.”
“Among the company’s investors for the latest funding round are New Enterprise Associates, Alphabet’s venture capital arm GV (formerly Google Ventures), GE Ventures, Future Fund, and Techtronic Industries.”
Desktop Metal CEO Ric Fulop explains “there is such a strong demand for the company’s 3D printers, the new funding frees [Desktop Metal] up to develop new products and meet expectations.”
“One version of Desktop Metal’s 3D printing system sells for $120,000 and was designed to be used by mechanical engineers for prototyping and printing a small number of parts at corporate offices rather than factories. Desktop Metal is also selling a more capable version of its 3D printing system that can cost around $500,000 and is to be used at factories for mass-producing metal parts.”
“The cheaper version of Desktop Metal’s 3D printing system will ship to customers in Fall [of 2017] while the more expensive version will debut next year.”
Image and Quotes Courtesy of Desktop Metal and Fortune