US-based metal 3D printer provider Desktop Metal confirmed yesterday that it has completed a $160m funding round led by Koch Disruptive Technologies, a subsidiary of chemicals and energy conglomerate Koch Industries.
GV, a corporate venturing subsidiary of internet and technology group Alphabet, also invested, as did electronics producer Panasonic, hardware provider Techtronic Industries and existing investors including Lux Capital, New Enterprise Associates (NEA) and Kleiner Perkins.
Desktop Metal has developed a printing system for metal parts that 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.
Ric Fulop, co-founder and chief executive of Desktop Metal, said: “We are at a critical juncture in the advancement of metal 3D printing and additive manufacturing. We are excited about Koch being an investor, customer and capability provider in this round.
“This new funding will fuel the continued development of our metal 3D printing technology and rich product roadmap, the scaling of operations to meet a growing demand of orders, and the financing of major new research and development initiatives. Combined, this will set us on a trajectory to become a global leader in metal 3D printing, a key pillar of Industry 4.0.”
The series E round took Desktop Metal’s overall funding to $438m since it was founded in 2015, and its confirmation follows an Axios report late last week that the company was set to raise $150m in a round led by an large industrial company.
Desktop Metal’s corporate investors also include 3D printer producer Stratasys, which invested its $14m series A round in 2015 alongside NEA, Founder Collective, Data Collective, Lux Capital, Bolt, various angel investors and Kleiner Perkins Caufield & Byers (KPCB), prior to Kleiner Perkins’ exit.
The company added $33.8m in April 2016 and an undisclosed sum later in the year from Saudi Aramco Ventures and GE Ventures, which represent petroleum supplier Saudi Aramco and power and industrial technology provider General Electric.
GV led Desktop Metal’s $45m series C round in early 2017, participating with BMW i Ventures and Lowe’s Ventures, subsidiaries of automotive manufacturer BMW and home improvement retail chain Lowe’s, at a $340m valuation.
Desktop Metal added $115m in a mid-2017 series D round featuring Saudi Aramco, Lowe’s, Techtronic, GV, GE Ventures, NEA, Future Fund, Lux Capital, Moonrise Venture Partners, DCVC Opportunity, Tyche Partners, KPCB, Shenzhen Capital Group and Vertex Ventures, valuing it at more than $1bn.
Carmaker Ford Motor Company led a $65m bridge round for the company in March 2018 that included Future Fund, taking its total funding to $277m.
Image courtesy of Desktop Metal, Inc.
