A start-up called Desktop Metal has developed 3-D printers that can produce metal objects safely, in smaller spaces and for a lower cost than traditional manufacturing, which requires expensive machinery, lots of floor space and risky physical labor.
The company just closed a $115 million round of venture funding to deliver its first batch of machines to customers within the U.S., founder and CEO Ric Fulop said Monday. The series D investment brings Desktop Metal's total capital raised to $212 million. The deal values the company at more than $1 billion, sources familiar with the deal confirmed.
Investors include venture firms such as NEA and Lux Capital betting on advanced technologies and corporations likely to use the start-up's printers in their own operations. Corporate backers include BMW, GE Ventures, GV (formerly known as Google Ventures), Lowe's and Techtronic Industries, which owns Hoover, Dirt Devil, Ryobi and other power tool and appliance brands.