3D metal printing startup Desktop Metal Inc. has raised $45 million in a late-stage funding round led by the Google Inc. venture capital arm GV.
The round was raised at a valuation of $305 million, up from $100 million as of its last round in April 2016, according to Forbes. The Series C round included BMW i Ventures and Lowe’s Ventures.
Founded in 2015, Desktop Metal is developing a metal printing system that can produce parts at scale, from prototyping to mass production. The company claims that its technology integrates hardware, software and materials to exceed the current limitations of the metal industry.
Desktop Metal has yet to reveal how its metal printing system works, but the company claims a stellar range of experts leading efforts, including a leadership team that borrows heavily on experts from MIT.
“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,” Desktop Metal Chief Executive Officer and co-founder Ric Fulop said in a statement.
Including the new round, Desktop Metal has raised $130.76 million to date. Previous investors include NEA, Kleiner Perkins Caufield & Byers, Lux Capital, GE Ventures, Saudi Aramco and Stratasys.
The company said it would use the new funding continue to develop its technology and scale production as it prepares its product launch later this year.
Image: Max Pixel/Public Domain CC0.
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