US-based metal 3D printing company Desktop Metal closed a $160m round, which was led by Koch Disruptive Technologies, a subsidiary of chemicals and energy conglomerate Koch Industries. Other corporate backers participating in the round included GV, corporate venturing vehicle of internet conglomerate Alphabet, electronics producer Panasonic as well as hardware provider Techtronic Industries. Existing traditional VC investors including Lux Capital, New Enterprise Associates (NEA) and Kleiner Perkins also participated. The fresh funding will be used to further develop the company’s additive manufacturing technology and scale it.
Founded in 2015, Desktop Metal has developed and 3D metal printers for use in both office and large-scale industrial settings. Its printing system for metal parts can print alloys including reactive metals. It claims the process is 100 times faster than laser powder bed fusion systems on the market, while producing parts at 5% of the cost.
Before this round, the company had raised $255m in funding from corporate-backed, according to GCV Analytics, as shown on the graph below. Previous corporate backers include carmakers Ford Motor Company and BMW, industrial product and appliance producer General Electric and oil and gas supplier Saudi Aramco, 3D printer manufacturer Stratasys and home improvement retailer Lowe’s.
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