Venture Beats writes of yet another round of funding for metal 3D printing company Desktop Metal.
Based in Massachusetts, Desktop Metal aims “to make metal 3D printing more accessible to manufacturers and engineers outside highly specialized industries, as well as reducing costs and turnaround times for companies already manufacturing metal-based goods.”
In order to achieve these lofty goals, Desktop Metal is providing “end-to-end metal 3D printing solutions” which “include the $120,000 Desktop Metal Studio System, aimed at helping engineers build prototypes [and a] mass-production metal 3D printing system” which will cost more than $400,000.
Now, Desktop Metal has raised $65 million in “a round of funding led by Ford, with participation from Future Fund.” With the help of this money, Desktop Metal will be able to keep their prices 10 times less expensive than existing technology.
“Ford’s involvement in this latest tranche of funding is notable, as this is clearly a strategic investment from a company that relies heavily on metal. Ford CTO Dr. Ken Washington will now join Desktop Metal’s board of directors. BMW also previously invested in Desktop Metal via its BMW iVentures unit.”
Desktop Metal’s Co-Founder and CEO Ric Fulop is ecstatic: “the age of metal 3D manufacturing is here, and this strategic partnership with Ford, along with our portfolio of investors, validates our vision to transform the way metal parts will be designed and mass produced. The continued support of our investors underscores the power of our metal 3D printing solutions to help engineers and manufacturers, for the first time, apply metal 3D printing for the entire product development lifecycle – from prototyping to mass producing complex, high-performance metal parts in a cost-effective way.”
Image and Quotes Courtesy of Desktop Metal and Venture Beat