Big names across the tech, automotive and retail industries are putting tens of millions of dollars in Desktop Metal, the Burlington-based 3D printing startup that aims to change the way metal parts are prototyped and mass produced.
The company, which is one of BostInno's 17 Boston tech companies to watch in 2017, announced on Monday that it has raised a $45 million Series C round led by GV (formerly known as Google Ventures), as well as the corporate venture arms of automotive giant BMW and home improvement retailer Lowe's.
The Series C will be used to develop Desktop Metal's 3D printing technology and prepare for mass production ahead of its scheduled launch later this year. BMW and Lowe's are potential customers, according to Fortune's Term Sheet newsletter, with BMW possibly using the company's printer for car parts and Lowe's using it for in-house production.
"If Desktop Metal can succeed, I think that totally changes the way metal is made for people doing 3D printing."
This round brings Desktop Metal's total funding to $97 million. It now has a $305 million pre-money valuation, up from its previous $100 million value from last April, Term Sheet reported. Prior to the Series C, the company had already amassed an impressive list of who's who in the venture capital world, including NEA, Kleiner Perkins Caufield & Byers and Lux Capital, as well as the venture arms of GE, Saudi Arabian oil giant Saudi Aramco and 3D printing company Stratasys.
Ben Einstein, an early investor in Desktop Metal, previously told me that one of the company's big selling points is the ability to make metal printing faster, safer and cheaper. "If Desktop Metal can succeed, I think that totally changes the way metal is made for people doing 3D printing," he said last fall.
Desktop Metal's team is made up of veterans in the materials science, engineering and software space. Its CEO, Ric Fulop, was the co-founder of energy storage company A123 Systems and has invested in companies in the computer-aided design and 3D printing space, including MarkForged, OnShape, ProtoLabs and SolidWorks. Its leadership team also includes several MIT professors working in 3D printing and materials science, as well as 3D printing and CAD industry vets.
