As we head into the end of the week, Desktop Metal announced it has successfully raised $160 million in its sourcing efforts, bringing its total to an impressive $438 million. The startup metal 3D printing company aims to reinvent the way design and manufacturing teams print using metal and, from the looks of it, they definitely have the financial backing to do it.
The most notable component of this latest announcement, however, may come not in how much money the startup has raised, but in who its most recent—and passionate—investor is right now. Koch Disruptive Technologies actually led this round of investment, along with other familiar names like Panasonic, GV, and Techtronic Industries.
Indeed, Koch Disruptive Technologies president Chase Koch commented, “Desktop Metals’ 3D printing solutions can redefine prototyping and mass production of metal products, which has profound disruptive implications for manufacturers like Koch Industries.”
The round more than doubles the $65 million tracked in March, when Ford chose to invest in this technology, with applications for prototyping as well as manufacturing. As a matter of fact, big players in their respective industries—like BMW and Lowe’s—have also sent some investment dollars their way to help push out Desktop’s new and impressive technology.
To ensure that this momentum does not go to waste, Desktop co-founder and CEO Ric Fulop said they will definitely invest this money directly into funding technological development. In a press release, he said, “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.”
If you have not yet heard of Desktop Metal, you should definitely keep your eye on them. As the funding blitz suggests, this is an innovative company that is obviously filling a niche in the growing 3D printing and additive manufacturing market. And part of their major appeal—at least to investors—is the speed by which they are able to print without sacrificing durability; this unique ability is helping to sleep things along from prototyping to real-world product manufacturing applications.