Desktop Metal, a startup that incorporates 3D printing into design and manufacturing, has raised $45 million in Series C funding, led by GV (formerly Google Ventures) as well as BMW i Ventures and Lowe’s Ventures. This takes company’s total funding to $97 million in equity since its launch in October 2015. Ric Fulop, CEO and co-founder of Desktop Metal in a press statement said the company will use the funding to continue to develop its technology and scale production. Desktop Metal is expected to launch its product later this year.
Desktop Metal has developed end-to-end printing system, capable of producing 3D metal components. The prototypes can be used by automakers to create test components etc. “Just as plastic 3D printing paved the way for rapid prototyping, metal 3D printing will make a profound impact on the way companies both prototype and mass produce parts across all major industries,” Fulop said.
According to Fulop, its printers use a ‘completely different’ process to shape metal, one that doesn’t use lasers. He told Tech Crunch the company plans on generating revenue by selling its printers and ‘high-performance’ alloys to engineers. “The printers will be able to make metal prototypes and parts that are ready to be used in production right away. New carburetor parts printed by an engineer could be immediately used on the road,” the Desktop Metal CEO said.
“Advances in metal 3D printing are driving innovation across a wide range of automotive applications and we are excited to work with Desktop Metal as part of our vision in adopting additive manufacturing at BMW,” said Uwe Higgen, Managing Partner of BMW i Ventures. He says Desktop Metal is shaping the way cars will be imagined, designed and manufactured.