Desktop Metal, a US-based developer of metal additive manufacturing technology, raised $45m in a series C round on Monday led by GV, the early-stage investment arm of internet conglomerate Alphabet.
BMW i Ventures and Lowe’s Ventures, the respective corporate venturing units of car manufacturer BMW and home improvement retailer Lowe’s, also took part in the round.
Founded in 2015, Desktop Metal is developing metal 3D printing technology that is capable of manufacturing complex parts and which could be used for mass production of specialised components.
The funding, secured at a $350m valuation according to the Wall Street Journal, will help Desktop Metal further develop its technology and scale production to prepare for a commercial launch later this year.
Desktop Metal has now secured a total of $97m in funding. GE Ventures and Saudi Aramco Ventures, respective subsidiaries of industrial conglomerate General Electric and oil company Saudi Aramco, invested an undisclosed sum in July 2016.
Founder Collective and Bolt took part in a $33.8m funding round in April 2016, after 3D printing technology producer Stratasys contributed to a $14m round in 2015 alongside New Enterprise Associates, Kleiner Perkins Caufield & Byers, Founder Collective, Lux Capital and Bolt.
Uwe Higgen, managing partner at BMW i Ventures, 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.
“From rapid prototyping and printing exceptional quality parts for end-use production, to freedom of design and mass customisation, Desktop Metal is shaping the way cars will be imagined, designed and manufactured.”
Andy Wheeler, general partner at GV, added: “The additive manufacturing industry is going through a dynamic evolution, and Desktop Metal is helping to shape that.
“The company has an impressive product vision, a proven team, and the right level of deep technical experience to bring the promise of metal 3D printing to life.”