BMW i Ventures has announced a strategic investment in Desktop Metal, an emerging startup with the mission to bring metal 3D printing within reach of all design and manufacturing teams.
Desktop Metal is committed to accelerating the adoption of metal 3D printing in manufacturing through the creation of innovative technology that produces complex parts. They are doing this with a world-class team of experts in the fields of materials science, engineering and software, consisting of 75 engineers.
Desktop Metal has raised a total of $97 million in equity funding since its founding in October 2015. The announcement comes as the result of the latest Series C investment of $45 million, which also includes GV (formerly Google Ventures) and Lowe’s Ventures.
Desktop Metal will use the funding to continue to develop its technology and scale production as the company prepares for its product launch later this year.
Previous investors include NEA, Kleiner Perkins Caufield & Byers, Lux Capital, GE Ventures, Saudi Aramco, and 3D printing leader Stratasys.
New York-based BMW i Ventures is a corporate venture capital team founded by BMW Group in 2011, which provides equity financing to high-potential start-ups and high-growth companies dedicated to shape the future of global mobility. Through its previous investments in the fields of e-mobility, navigation, parking, car sharing and intermodality, BMW i Ventures has already entered into strategic partnerships with innovative providers such as Scoop, Zirx, RiceCell, Chargepoint, Life360, Moovit, JustPark, Chargemaster and Zendrive, Rever Moto and STRIVR.
“Just as plastic has redefined rapid prototyping, metal 3D printing will make a profound impact on the way companies manufacture rapid prototypes and mass produce parts across all major industries,” said Ric Fulop, CEO and co-founder of Desktop Metal. “We are fortunate to have the backing of a leading group of strategic investors who support both our vision and our technology, and who are pivotal in propelling our company forward as we prepare for our product introduction in 2017.”
“Advances in metal 3D printing are driving innovation across a wide range of automotive applications and we are excited to work with Desktop Metal as part of our vision in adopting additive manufacturing at BMW,” said Uwe Higgen, Managing Partner of BMW i Ventures. “From rapid prototyping and printing exceptional quality parts for end-use production, to freedom of design and mass customization, Desktop Metal is shaping the way cars will be imaged, designed and manufactured.”