General Electric Company (NYSE:GE) and Alphabet Inc (NASDAQ:GOOG) have partnered to make a $115M investment in Desktop Metal. This has made the provider achieve the “unicorn” status.
This company made the announcement regarding its recent development on Monday. However, it did not disclose much about the associated $1 billion valuation that was earlier reported by Axios. Some reliable sources indicate that the metal 3D-printing company has at the moment managed to accumulate about $212 million total.
The $115 million haul experienced on Monday will go down records considering that it is the largest single round that has ever been channeled into a 3D printing provider. Desktop Metal happens to be one of the very few companies globally that have been targeting upending traditional manufacturing processes. It has managed to make the industrial 3D printing more affordable to all.
In April, the company launched an in-officer printer that was quite small in terms of size. It was to help the various design teams that were in great need to prototype the latest metal parts. It was also to serve the growing need to come up with enormous production printers that will facilitate the manufacture of mass metal parts.
According to some people familiar with the matter, the in-office printer is estimated to cost about $50,000. The furnace will go at about $60,000. In September, shipping will already have started. The production scale printer according to some top officials will be requiring a few furnaces in order for it to perform to its fullest potential. The company has disclosed that the system may by 2018 be launched into the market.
Desktop metal has at the moment helped create job opportunities for over 80 people. This is in its Burlington headquarters.