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BMW Invests in 3D Printing Startup
Desktop Metal Inc. says it raised $45 million in its third round of financing to bring total investment in the Burlington, Mass.-based 3D printing startup to $97 million.
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Desktop Metal Inc. says it raised $45 million in its third round of financing to bring total investment in the Burlington, Mass.-based 3D printing startup to $97 million.
The latest round of investments was led by BMW AG (through its i Ventures unit), GV (formerly Google Ventures) and Lowe’s Ventures. Earlier investors include GE Ventures and 3D printing leader Stratasys Inc.
Desktop Metal plans to use the new funding to further develop its 3D metal printing technology and scale production as the company prepares to launch output later this year. BMW hopes to eventually use 3D printing throughout its design and manufacturing operations, including some production parts.
Founded by CEO Ric Fulop in October 2015, Desktop Metal now has more than 75 engineers. Fulop was one of the co-founders of battery specialist A123 Systems and an early investor in several CAD and 3D printing companies, including SolidWorks.
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