Desktop Metal

Desktop Metal was founded in October 2015{{cite news |date=February 6, 2017 |title=BRIEF-Desktop Metal says raised $97 million in equity funding since Oct 2015 |url=https://www.reuters.com/article/idUSFWN1FR0RX | work=Reuters |access-date=January 19, 2018}} in Cambridge, Massachusetts, as a startup company focused on 3D metal printing. Among the seven founders were Ric Fulop{{cite news |last=Primack |first=Dan |date= April 26, 2016|title=Term Sheet — Tuesday, April 26 |url=http://fortune.com/2016/04/26/term-sheet-tuesday-april-26/ | work=Fortune |access-date=January 18, 2018}} and Jonah Myerberg of A123 Systems, Rick Chin of SolidWorks, and Yet-Ming Chiang, Ely Sachs, Christopher Schuh, and A. John Hart of the Massachusetts Institute of Technology (MIT). Sachs was known for coining the term 3D printing years earlier. At the time of its founding, the company was developing a process for metal 3D printing that would be fast and small enough for office settings.{{cite news |last=Engel |first=Jeff |date=April 27, 2016 |title=Desktop Metal Grabs $34M to Move Prototype 3D Printers to Market |url=http://www.xconomy.com/boston/2016/04/27/desktop-metal-grabs-34m-to-move-prototype-3d-printers-to-market/# | work=Xconomy |access-date=January 18, 2018}} Xconomy wrote that the company's intent was to create a metal 3D printer that would "churn out parts more quickly" and be "much cheaper, smaller, safer and easier to operate" than alternatives on the market.{{cite news |last= Engel|first=Jeff |date= April 25, 2017|title=Desktop Metal, Backed By $97M, Unveils Its First Metal 3D Printers |url=http://www.xconomy.com/boston/2017/04/25/desktop-metal-backed-by-97m-unveils-its-first-metal-3d-printers/ | work=Xconomy |access-date=January 18, 2018}} To eliminate the need for trained personnel to operate the equipment, dangerous features such as lasers were not made a part of the design process. By October 2015 the company had 11 employees, with Ric Fulop as CEO.

Initially the company raised around $14 million in startup funding, with leading Series A funders including New Enterprise Associates, Kleiner Perkins, and Lux Capital. By the spring of 2016, the company was headquartered in Lexington, Massachusetts, and had developed functioning prototypes.{{cite news |last=Castellanos |first=Sara |date= July 5, 2016|title=GE, Saudi Aramco help fund Lexington 3D printing startup |url= https://www.bizjournals.com/boston/blog/startups/2016/07/ge-saudi-aramco-help-fund-lexington-3d-printing.html| work=Boston Business Journal |location=Boston, Massachusetts, United States |access-date=November 25, 2017}} After former investors injected an additional $34 million into Desktop Metal in April 2016, that summer the company raised funding from investors including GE Ventures and Saudi Aramco Energy Ventures. By February 2017, the company had moved its headquarters to Burlington, Massachusetts.{{cite news |last=Kolodny |first=Lora |date=February 6, 2017 |title=BMW and Lowe's among investors pouring $45 million into Desktop Metal, the 3D printer startup |url=https://techcrunch.com/2017/02/06/bmw-and-lowes-among-investors-pouring-45-million-into-desktop-metal-the-3-d-printer-startup/ | work=TechCrunch |access-date=November 25, 2017}}{{cite news |last=J. O'Brien |first=Kelly |date=February 6, 2017 |title=Google, BMW invest $45M in Burlington 3D printing startup |url=http://www.bizjournals.com/boston/news/2017/02/06/google-bmw-invest-45m-in-burlington-3d-printing.html | work=Boston Business Journal |location=Boston, Massachusetts, United States |access-date=January 19, 2018}} That month the company raised $45 million in a Series C round of venture funding led by GV and including participation from BMW iVentures and Lowe's Ventures. With total raised brought to $97 million,{{cite news |last=Woodward |first=Curt |date=February 6, 2017 |title=Metal 3-D printer startup lands another $45m |url=https://www.bostonglobe.com/business/2017/02/06/metal-printer-startup-lands-another/1p2bvK1JqLezggjgDp3wrN/story.html | work=The Boston Globe |location=Boston, Massachusetts, United States |access-date=November 25, 2017}} the capital was used for research and development, with plans to begin selling the first product later that year in a variety of industries.

Desktop Metal was collaborating with Ford Motor Company's research and advanced engineering and manufacturing teams by 2017, refining its system to meet manufacturing requirements.{{Citation

| last = Chernova

| first = Yuliya

| date = March 19, 2018

| title = Ford Leads $65 Million Investment in Desktop Metal

| newspaper=The Wall Street Journal

| url = https://www.wsj.com/articles/ford-leads-65-million-investment-in-desktop-metal-1521481206

}} Desktop Metals was also working with BMW in Munich to explore eliminating the need to warehouse parts, and companies such as Milwaukee Tools and Jabil Circuit Inc. A U.S. were evaluating the printers for production use.{{cite news |last=Mims |first=Christopher |date=May 14, 2017 |title=Your Shoes Will Be Printed Shortly - Innovative techniques in 3-D printing mean some previously impossible design will start showing up in consumer products|url=https://www.wsj.com/articles/your-shoes-will-be-printed-shortly-1494763201 | work=The Wall Street Journal |location=New York City, United States |access-date=January 15, 2018}} The company revealed two distinct metal 3D printing systems in late April 2017: a studio model and a production model. The Studio System, safe for office settings{{cite news |last=Molitch-Hou |first=Michael |date=April 25, 2017 |title=Desktop Metal Reveals 100x Faster Metal 3D Printing Tech |url=http://www.engineering.com/3DPrinting/3DPrintingArticles/ArticleID/14791/Desktop-Metal-Reveals-100x-Faster-Metal-3D-Printing-Tech.aspx | work=Engineering.com |access-date=January 19, 2018}} is designed for rapid printing and the production of small volumes, while the latter is intended for high-speed production of parts. Both systems include a printer, furnace, and cloud-based software to operate the machines, with the ability to print several hundred alloy types. Forbes described the pricing scheme of the products as "competitive," noting the systems cost "10 times less than what's on the market."

Stratasys, an investor in Desktop Metal, announced in May 2017 that its resellers would stock Desktop Metal's products.{{cite news |last=Davies |first=Sam |date=May 9, 2017 |title=Stratasys and Desktop Metal announce extension of strategic partnership |url=https://www.tctmagazine.com/tct-events/3d-printing-at-rapid-tct/stratasys-desktop-metal-extension-strategic-partnership/ | work=TCT Magazine |access-date=January 19, 2018}} The World Economic Forum named Desktop Metal to its 2017 Technology Pioneers list of 30 companies in June,{{cite news |last=Dale |first=Brady |date=June 16, 2017 |title=The 7 Coolest Global Companies Fixing All That's Broken in This World |url=http://observer.com/2017/06/nutonomy-cymmetria-chronocam-physee-endor/ | work=Observer |location=United States |access-date=January 19, 2018}} and also that month, MIT Technology Review named Desktop Metal among its 50 Smartest Companies in the World for the year.{{cite news |date=June 27, 2017 |title=50 Smartest Companies 2017 |url=https://www.technologyreview.com/lists/companies/2017/intro/#nvidia |work=MIT Technology Review |location=United States |access-date=November 25, 2017 |archive-date=November 12, 2017 |archive-url=https://web.archive.org/web/20171112032724/https://www.technologyreview.com/lists/companies/2017/intro/#nvidia |url-status=dead }} Desktop Metal raised a total of $115 million{{cite news |last=Heater |first=Brian |date=July 18, 2017 |title=Desktop Metal gets $115 million in funding to deliver metal 3D printing for manufacturing |url=https://techcrunch.com/2017/07/18/desktop-metal-gets-115-million-in-funding-to-deliver-metal-3d-printing-for-manufacturing/ | work=TechCrunch |access-date=January 19, 2018}}{{cite news |last=Chernova |first= Yuliya |date= July 17, 2017|title=Manufacturing Startup Desktop Metal's Valuation Tops $1 Billion - Fast rise for a company that has yet to ship first product |url=https://www.wsj.com/articles/manufacturing-startup-desktop-metals-valuation-tops-1-billion-1500265842 | work=The Wall Street Journal |location= New York City, United States |access-date=November 25, 2017}}{{cite news |last1=Tsang |first1=Amie |last2=de la Merced |first2= Michael |date=July 17, 2017 |title= Morning Agenda: Peltz Challenges Procter & Gamble |url=https://www.nytimes.com/2017/07/17/business/dealbook/morning-agenda-brexit-theresa-may-philip-hammond.html | work=The New York Times |location=New York City, United States |access-date=January 15, 2018}} in a Series D round of funding in July 2017, its largest round to that point.{{cite news |last=Sawers |first=Paul |date=July 17, 2017 |title=Desktop Metal raises $115 million to make metal 3D printing more accessible |url=https://venturebeat.com/2017/07/17/desktop-metal-raises-115-million-to-make-metal-3d-printing-more-accessible/ | work=VentureBeat |access-date=January 19, 2018}} Funds went to R&D, its sales program, and international growth and brought the total raised since founding to $212 million.{{cite news |last=Rosen |first=Andy |date=July 17, 2017 |title=Desktop Metal gets $115 million investment in 3D printing technology |url=https://www.bostonglobe.com/business/2017/07/17/desktop-metal-gets-million-investment-printing-technology/HxDSwO0e2W3GWNN4Vn3cJO/story.html | work=The Boston Globe |location=Boston, Massachusetts, United States |access-date=November 25, 2017}}{{Citation

| last = Keene

| first = Cindy Atoji

| date = November 16, 2017

| title = 12 weeks of paid parental leave applies to dads, too

| work=The Boston Globe

| url = https://www.bostonglobe.com/business/specials/top-places-to-work/2017/11/16/weeks-paid-parental-leave-applies-dads-too/jFbakG3H4flHaX5gMN5FhK/story.html

}} The company began shipping the Studio System in December 2017 as part of its "Pioneer" program. The first printer went to Google's Advanced Technology and Products Group{{Citation

| last =O'Connor

| first =Daniel

| date =May 1, 2018

| title =Production Ready - Desktop Metal prepares to unleash its Production System

| work = TCT Magazine

| url = https://www.tctmagazine.com/3d-printing-news/desktop-metal-unleashes-production-system/

}} and among other early customers were the United States Navy, Built-Rite Tool & Die, and Lumenium.{{Citation

| last = Knapp

| first = Alex

| date = December 18, 2017

| title = Desktop Metal Begins Shipping Its Metal 3D Printers For The Office

| work = Forbes

| url = https://www.forbes.com/sites/alexknapp/2017/12/18/desktop-metal-begins-shipping-its-metal-3d-printers-for-the-office/#535f22f8750e

}}

By early 2018 the company had been granted two patents for separable support and an interface layer, with around 100 patents pending for around 200 inventions. In February 2018 the company previewed Live Parts, a software program for automatically generating printable designs.

At CES 2018 Desktop Metal won an emerging tech award from Digital Trends. In 2018 it also won a Gold{{Citation

| date = April 16, 2018

| title = Desktop Metal named 2018 Gold Edison Award winner

| publisher = The Fabricator

| url = https://www.thefabricator.com/news/additive/desktop-metal-named-2018-gold-edison-award-winner

}} Edison Award. In March 2018, Ford Motor Company led a $65 million investment round in Desktop Metal, with Ford's CTO joining Desktop Metal's board of directors.{{Cite web|url=https://www.bizjournals.com/boston/news/2018/03/19/ford-invests-65-million-in-3d-printing-startup.html|title=Ford invests $65 million Desktop Metal's 3D-printing technology - Boston Business Journal|website=www.bizjournals.com|access-date=March 20, 2018}} With a $1.2 billion valuation, by May 2018 Desktop Metal had been named the fast growing "unicorn" in United States history, surpassing $1 billion after 21 months in operation.{{Citation

| last = Schubarth

| first = Cromwell

| date = May 2, 2018

| title = These 10 unicorns flew the fastest to billion-dollar valuations

| publisher = Silicon Valley Business Journal

| url = https://www.bizjournals.com/sanjose/news/2018/05/02/unicorn-startups-desktop-metal-grail-essential.html#g/433987/1

}} Desktop Metal introduced an upgrade to its industrial scale systems at Formnext 2018, claiming the 50% printing speed increase made the model "the fastest metal printer in the world."{{Cite web|url=https://3dprintingindustry.com/news/desktop-metal-upgrades-production-system-for-2019-launch-claims-fastest-metal-printer-in-the-world-143089/|title=Desktop Metal upgrades Production System for 2019 launch, claims "fastest metal printer in the world"|date=November 13, 2018|website=3D Printing Industry}} Cofounder Ric Fulop asserted that the system dropped the price per part significantly compared to other systems, in one case from $700 per kilo of parts to $50 a kilo.

In January 2019, Desktop Metal raised an additional $160 million in funding, resulting in a valuation at $1.5 billion.{{Cite web|url=https://www.forbes.com/sites/amyfeldman/2019/01/23/3-d-printing-unicorn-desktop-metal-raises-160-million-for-expansion/|title=3-D Printing Unicorn Desktop Metal Grabs Another $160 Million As It Prepares To Ship Its Mass-Production Printers|first=Amy|last=Feldman|website=Forbes}}{{cite web |url=https://www.forbes.com/sites/jimvinoski/2019/05/20/ely-sachs-is-the-living-embodiment-of-3-d-printing/#6237690c45ad |title=Ely Sachs Is The Living Embodiment of 3-D Printing |last=Vinoski |first=Jin |date=May 20, 2019 |website=www.forbes.com }}{{Cite web|url=https://3dprintingindustry.com/news/2019-3d-printing-industry-awards-winners-announced-156727/|title=2019 3D Printing Industry Awards winners announced|date=June 11, 2019|website=3D Printing Industry|language=en-US|access-date=July 8, 2019}} By May 2019, the company employed around 300 people, mostly engineers, with the machines made through contract manufacturing. It also had a sales channel distributing in 48 countries. In June 2019, the company began shipping to Europe.{{cite journal|title=Desktop Metal Studio System receives CE certification, European shipments begin |date=June 20, 2019 |journal=Metal AM}} By 2019, the company had raised $437 million from investors, and was one of only three 3D printing unicorns. In November it introduced a system for metal job shops[https://www.nanalyze.com/2019/12/desktop-metal-3d-printers-manufacturing/ "Desktop Metal 3D Printers Set to Disrupt Manufacturing"], Nanalyze and a system using fiber placement.

In December 2020, the company started trading on the New York Stock Exchange (NYSE) under the ticker DM. They did this via a reverse IPO merger with Trine Acquisition Corp. (NYSE:TRNE), a special-purpose acquisition company.{{Cite web|date=2020-12-10|title=Desktop Metal is now officially on the NYSE » 3dpbm|url=https://www.3dprintingmedia.network/desktop-metal-is-now-officially-on-the-nyse-stock-market/|access-date=2021-04-19|website=3D Printing Media Network - The Pulse of the AM Industry|language=en-US}}

In January 2021, Desktop Metal purchased EnvisionTEC, a German company that specializes in photopolymer printing.{{Cite web|title=Desktop Metal launches a health-focused business line|url=https://techcrunch.com/2021/03/15/desktop-metal-launches-a-health-focused-business-line/|access-date=2021-04-19|website=TechCrunch|date=March 15, 2021 |language=en-US}} On March 15, Desktop Metal announced its new line Desktop Health, specifically focused on healthcare products in the fields of dentistry, orthodontics, dermatology, orthopedics, cardiology, plastic surgery, and printed regenerative.{{Cite web|last=Dignan|first=Larry|title=Desktop Metal forms Desktop Health, aims to expand into healthcare|url=https://www.zdnet.com/article/desktop-metal-forms-desktop-health-aims-to-expand-into-healthcare/|access-date=2021-04-19|website=ZDNet|language=en}} Also in March, Michael Mazen Jafar came on board as CEO of the new line.

In May 2023, industrial 3D printer company Stratasys agreed to acquire Desktop Metal in an all-stock transaction valuing the combined company at $1.8{{nbsp}}billion, in which existing Desktop Metal shareholders will own around 41{{nbsp}}percent of the combined company.{{cite news |last1=Roof |first1=Katie |last2=Baker |first2=Liana |date=May 25, 2023 |title=Stratasys to Combine With Desktop Metal in $1.8 Billion Deal |url=https://www.bloomberg.com/news/articles/2023-05-25/stratasys-to-combine-with-desktop-metal-in-1-8-billion-deal |publisher=Bloomberg News}} Stratasys terminated the acquisition in September after its shareholders voted against the acquisition after two companies made unsolicited bids for Stratasys.{{Cite news |last=Habib-Valdhorn |first=Shiri |date=September 28, 2023 |title=Stratasys shareholders nix merger with Desktop Metal |url=https://en.globes.co.il/en/article-stratasys-shareholders-nix-merger-with-desktop-metal-1001459006 |work=Globes}}

In July 2024, Nano Dimension announced an agreement to acquire Desktop Metal for $135-183{{nbsp}}million in an all-cash transaction.{{cite web|date=July 3, 2024 |title=Nano Dimension to Acquire Desktop Metal, Creating a Leader in Additive Manufacturing |url=https://ir.desktopmetal.com/news/press-releases/detail/193/nano-dimension-to-acquire-desktop-metal-creating-a-leader |access-date=2024-07-04}}

Desktop Metal launched its first two products in April 2017:{{cite news |last=Kolodny |first=Lora |date=April 25, 2017 |title=Desktop Metal reveals how its 3D printers rapidly churn out metal objects |url=https://techcrunch.com/2017/04/25/desktop-metal-reveals-how-its-3d-printers-rapidly-churn-out-metal-objects/ | work=TechCrunch |access-date=November 25, 2017}} the Studio System, a metal 3D printing system designed for engineers and small production runs,{{cite news |last=Mearian |first=Lucas |date=April 25, 2017 |title=Startup claims 3D printers create metal parts faster, more cheaply |url=http://www.computerworld.com/article/3192127/computer-hardware/startup-claims-3d-printers-create-metal-parts-faster-more-cheaply.html | work=Computerworld |access-date=November 25, 2017}} and the Production System, intended for manufacturers and large-scale printing. In 2019 the company introduced the Shop System, a metal binder jetting printing system designed for machine and metal job shops, as well as Fiber, a continuous carbon fiber printer using automated fiber placement technology (AFP) to make parts.[https://www.compositesworld.com/blog/post/3d-printing-continuous-fiber-on-the-desktop "3D printing continuous fiber on the desktop"], Composites World

Both the Studio System and Production System include two key components: a printer that produces small objects out of metal powders, and a sintering furnace to densify the objects using{{cite news |last=Vanian |first=Jonathan |date=July 17, 2017 |title=This Startup Just Got Over $100 Million to Push Metal 3D-Printing |url=http://fortune.com/2017/07/17/desktop-metal-funding-ge-alphabet/ | work=Fortune |access-date=November 25, 2017}} thermal processes. The systems can print a variety of materials,{{Citation |year=2017 |title= Products|publisher= Desktop Metal |url= https://www.desktopmetal.com/products/studio/ |access-date=November 27, 2017 }} including steels, copper, aluminum,{{Citation

| date = May 14, 2018

| title = The 3D Printing Company That Could Transform Manufacturing

| publisher = Bloomberg

| url = https://www.bloomberg.com/news/videos/2018-05-14/the-3d-printing-company-that-could-transform-manufacturing-video

}} and alloys such as Inconel. Powders also used in the metal injection molding market are housed in replaceable cartridges made by various metallurgy companies and Desktop Metal. As the process doesn't utilize high power lasers, or hazardous materials, the Studio System can be housed inside office spaces with standard wall outlets.

The Studio System uses a proprietary technology called Bound Metal Deposition, similar to fused deposition modeling (FDM) where the printer "extrudes a mixture of metal powder and polymers to build up a shape, much as some plastic printers do." When the shape is complete, it is placed in a furnace which burns away the polymers and "compacts the metal particles by sintering them together at just below their melting point." At that temperature the metal is fused without melting and losing its shape. The sintering causes predictable shrinking, which the system's software compensates for by making items slightly larger during the printing step. Beyond the printer and furnace, the Studio System also includes a debinder to remove part of the polymer binder before sintering.

The Production System uses a printing method where droplets of a binding agent are "jetted" onto a metal powder in heated layers. The method is called Single Pass Jetting, used for quickly producing metal parts. According to the company, the system can process 8,200 cubic centimeters per hour, which is nearly 100 times faster than laser-based systems using powder bed fusion (PBF).{{Citation |last=Wohlers |first=Terry |year=2017 |title=Desktop Metal: A Rising Star of Metal AM Targets Speed, Cost and High-Volume Production |publisher=Metal AM |location= Shrewsbury, United Kingdom|page=92 |url= https://issuu.com/inovar-communications/docs/magazine_metal_am_summer_2017_app?e=32443561/57693267 |access-date=January 19, 2018 }} It can produce dozens of parts simultaneously.{{Citation

| last = Bray

| first = Hiawatha

| date = October 22, 2017

| title = Thinking outside the mold, with 3-D printers that make objects of steel

| work=The Boston Globe

| url = https://www.bostonglobe.com/business/2017/10/22/thinking-outside-mold-with-printers-that-make-objects-steel/qV01XfxcKVV1SLBAnB7ylM/story.html

}} The Production System was named by Popular Science as one of the top engineering innovations of 2017, in the magazine's annual Best of What's New issue.{{cite news |last=Griggs |first=Mary Beth |date=October 17, 2017 |title=This year's 11 most important innovations in engineering |url= https://www.popsci.com/top-engineering-innovations-2017| work=Popular Science |access-date=November 25, 2017}}

Desktop Metal developed Live Parts, an AI software for users to automatically generate printable object designs.{{Citation

| last = Newman

| first = Daniel

| date = January 16, 2018

| title = Top 18 Tech Trends At CES 2018

| work = Forbes

| url = https://www.forbes.com/sites/danielnewman/2018/01/16/top-18-tech-trends-at-ces-2018/#3c1f7d60452f

}} The program allows users to input specifications for an object, then creates a computer model which can be printed{{Citation

| year = 2018

| title =10 Breakthrough Technologies

| work = MIT Technology Review

| url = https://www.technologyreview.com/lists/technologies/2018/

}} using any 3-D printing system.

• List of 3D printer manufacturers
• Comparison of 3D printers

{{reflist |refs=

{{Citation |title= Desktop Metal Leadership |publisher=Desktop Metal |url=https://www.desktopmetal.com/company/about/ |access-date=January 18, 2018 }}

{{cite news |date= July 1, 2017 |title=3D printers start to build factories of the future |url=http://www.economist.com/node/21724368# | newspaper=The Economist |access-date=January 19, 2018}}

{{cite news |last=Knapp |first=Alex |date=April 25, 2017 |title=This Startup Aims To Revolutionize Metal 3D Printing For Manufacturers |url=https://www.forbes.com/sites/alexknapp/2017/04/25/this-startup-aims-to-revolutionize-metal-3d-printing-for-manufacturers/#58c7f9161e04 | work=Forbes |location=United States |access-date=November 25, 2017}}

{{cite web |url=https://www.tctmagazine.com/3d-printing-news/full-throttle-desktop-metal-automotive-manufacturing-paradigm/ |title=Full throttle: Desktop Metal on automotive manufacturing's new paradigm |last=O'Connor |first=David |date=May 10, 2019 |work=TCT Magazine }}

{{cite news |last=Engel |first=Jeff |date=October 27, 2015 |title=Stratasys, Big VCs Bet $14M on 3D Printing Startup Desktop Metal |url=http://www.xconomy.com/boston/2015/10/27/stratasys-big-vcs-bet-14m-on-3d-printing-startup-desktop-metal/# | work=Xconomy |access-date=January 19, 2018}}

}}

• {{Official website|https://www.desktopmetal.com/}}

{{3d printing}}

Category:American companies established in 2015

Category:3D printer companies

Category:Companies based in Cambridge, Massachusetts

Category:2015 establishments in Massachusetts

Category:Technology companies based in Massachusetts

Category:Special-purpose acquisition companies