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Desktop Metal Gets Strategic Investment from GE Ventures and Saudi Aramco

by • July 4, 2016 • No Comments

DMAs the hype for PC FDM 3D printing has slowly dwindled over the past year or so, another, additional industrial-driven additive producing system has been gaining a few much needed traction. Metal 3D printing has now garnered a generous portion of the industry’s attention, as companies like Lexington, Massachusetts-based startup Desktop Metal have been working to enhance our metal additive producing capabilities inside the additional inexpensive
and small PC 3D printing device format. With a plethora of car, aerospace, and medical companies that are may already utilizing metal 3D printing in a multitude of ways, this young startup is looking to take this usually costly and lengthy 3D printing system and completely revamp its accessibility and price point.

SAEVTowards the end of last year, Desktop Metal pulled in $14 million of a several venture capitalists and prominent 3D printing company Stratasys. Despite the fact that Desktop Metal has yet to actually unveil a working prototype, the startup has managed to lure in a few major investors who believe in what they’re doing. This week, Desktop Metal has proved their tremendous value once again, this time by delivering in major investments of GE Ventures and Saudi Aramco Energy Ventures, a corporate venturing subsidiary of Saudi Arabia’s major integrated energy company. With this latest investment, Desktop Metal can fund their product development, hire additional employees, and enhance business operations.

ric“Our company is focused on the barriers that hold metal 3D printing back: price, performance, and variety of materials. Today’s technology is where computing was in the 1970’s. It is too costly and cumbera few to scale. We want to bring an eachday-use metal 3D printing solution to the workspace of each engineering team and we have the industry-ready team to do it,” said Ric Fulop, Desktop Metal’s CEO and co-founder..

Up until this point, the company has now raised $52 million in funds, accounting for previous investments of Kleiner Perkins Caufield & Byers, New Enterprise Associates, and Lux Capital. That’s not too shabby for a startup that was founded back in August 2015, and their experienced team of materials science, software, and robotics unquestionably gives investors an enough reason to put trust (and money) into them. The startup has a few promising people working on their side, that include former materials science and engineering professors of the Massachusetts Institute of Technology (MIT), as well as former engineers of SOLIDWORKS and employees of the former lithium-ion battery company A123 Systems.

ge_ventures_logoFor GE Ventures and and Saudi Aramco, the two venture capital groups are looking to claim their stake in the next technologys of Desktop Metal, that the entire industry is eagerly waiting for. In Desktop Metal’s case, their increase in funding can assist them address the glaring challenges of producing metal 3D printing a lower cost system that is simpler to use for the commercial sector. But there is not much proof-of-concept of Desktop Metal only yet, their prominent funding rounds prove that investors see a fewthing special in this up-and-coming startup.

“Additive producing is crucial to accelerating technology at GE and delivering advantageous products to market faster. We are excited to be part of Desktop Metal’s next as they tackle these challenges to broader accessibility,” said Steve Taub, Senior Director of Advanced Manufacturing, GE Ventures.

Discuss this latest news additional in the Desktop Metal & 3D Metal Printing forum over at 3DPB.com.